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

A former executive at Democratic megadonor George Soros’ hedge fund, Bessent is some Trump advisors’ favored choice for arguably the top U.S. economic post after John Paulson dropped out of contention.

President-elect Trump selected billionaire investor Scott Bessent to lead the Treasury Department on Friday as the former president continues to call for an increase in tariffs and major shifts in the country’s global trade operations.