Problems have deepened for the investment company run by Arpad ‘Arki’ Busson, the flamboyant hedge fund manager, after the Swiss money manager posted further multi-million dollar losses in the first six months of the year.

LumX, which was known as Gottex until 2015, filed losses of $4.5m in the period to the end of June, according to the hedge fund group's interim report, meaning the company has now racked up losses of more than $37m in three-and-a-half years.