Uma Thurman’s Ex-Boyfriend May Soon Be Ex-Hedge Fund Manager

It’s been a rough few years for Arki Busson.
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By David Shankbone (David Shankbone) [CC BY 3.0 ], via Wikimedia Commons

By David Shankbone (David Shankbone) [CC BY 3.0 ], via Wikimedia Commons

Arpad “Arki” Busson once had it all: A thriving fund of hedge funds business, the kind of good looks that allow certain men to trade in their supermodel baby mama for a younger Hollywood starlet baby mama, and enough self-confidence to wear charm bracelets in public. The past decade, however, have been a bit rough on Busson. He lost a bunch of money to Bernie Madoff, lost Uma Thurman (twice) and then lost a custody battle to her, wherein she claimed he’s also lost his touch with beautiful famous women and now has to pay for female affection, possibly on account of the toll these years have taken on his once famously-irresistible face. The Madoff losses and generally sucky state of the fund of funds business forced him to give his firm away to Gottex—and now that firm, rechristened LumX in 2015 for some reason, is on the ropes.

Financial statements show a key investment client cut ties with the hedge fund in 2017, shrinking revenues by $2.2m and leaving more than half of the company's earnings exposed to just two investment contracts. The company managed $15bn of assets in 2008 — a number that has halved to $7.4bn today…. Artemis, the UK asset manager that has a 6% holding in LumX, has also been trying to sell its stake in the hedge fund….

Problems have been mounting at the Swiss hedge fund for a number of years. In the company’s 2014 annual results Busson said he expected the company to break even by the end of 2015 after notching up losses of $7m in 2014. It instead returned a deficit of $17.9m in 2015 and made a $7.9m loss in 2016.

The audit firm signed off the accounts as a ‘going concern’, meaning it believes it will continue to be able operate for the next 12 months, but drew attention to a note in the annual report that highlighted “material uncertainties” related to LumX achieving its “business plan.. that may cast significant doubt on the group’s ability to continue as a going concern”.

Arki Busson’s hedge fund fights for survival [FN]

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