The investment company run by flamboyant hedge fund manager Arpad “Arki” Busson has relinquished its mutual fund licence in Switzerland and sacked key staff as the money manager battles multi-million dollar losses.   

LumX, which has racked up losses of more than $37m in three-and-a-half years, has “terminated” its collective investment business in Switzerland and handed its permit to run money back to the Swiss regulator.