The investment company run by Arpad “Arki” Busson, the flamboyant hedge fund manager, will relinquish its mutual fund licence in the UK after amassing losses of almost $4m in the first six months of this year.

LumX, which has racked up losses of more than $43m in four-and-a-half years, will write to the British financial regulator to cancel its permit to manage money in the UK. The move comes just months after the investment company gave up its mutual fund licence in Switzerland.