Key Square Group, the hedge fund started by Scott Bessent in 2015, has seen its assets under management drop sharply over the past six years on the back of a series of major losses

President-elect Donald Trump’s pick for Treasury Secretary operates a hedge fund that reaped a massive windfall two years ago — even as global markets sagged.

The Treasury Secretary is a high-level Cabinet position charged with advising the president on matters related to financial, economic and tax policy.