The fall of LumX - a dinosaur in the world of hedge funds

An investment company run by Arpad "Arki" Busson, who has once been the world's leading hedge fund, has revealed a huge loss, with the annual report posted late.

The LumX Group lender on the Swiss Exchange reported a loss of $ 8.7 million in 2018, recording its ninth consecutive year in red. The group has a market capitalization of $ 11.2 million.

The company plans recapitalization measures, with the Swiss Exchange allowing the deadline for publishing the auditors' report by the end of May. If this does not happen, the group's shares will be suspended from trading. The firm has reported that the auditors' report will be published when the restructuring is complete.

LumX, which has offices in London and Switzerland, has permanently cut staff in recent years, and their assets have fallen sharply. In March, they announced further cuts and renounced their Swiss Mutual Fund license. They are still under the UK Financial Conduct Authority.

The group ruled assets worth $ 18 billion in 2007 (then known as Gottex), but by the end of January 2018, assets tumbled to $ 7.1 billion. The company offers risk analysis services, a client account management platform, and investment management.

For the past two years, LumX shares fell 65 percent to CHF 0.105.

Source: Financial Times

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