Wellington investment company Ross Asset Management – with $439 million in investor account balances – has been described as “dysfunctional” with “inadequate record keeping”.
Monthly Archives: November 2012
NBR: FMA identifies Ross assets in UK, USA and Australia
Investigations into Wellington-based investment company Ross Asset Management have identified assets held in various markets throughout the world.
The Financial Markets Authority has today met with PwC receiver John Fisk, who has been appointed by the Wellington High Court to manage the assets of the company.
Wellington High Court: Asset Preservation Order
The High Court in Wellington issued this document on the 6th November 2012.
The solicitor acting for the FMA is:
Rachael Johnson
rachael.johnson@fma.govt.nz
The Counsel is:
Hugh Rennie QC
hughrennie@legalchambers.co.nz
Stuff: Ross Asset Management seized
By Hamish Rutherford
A Wellington investment company has been taken over by PwC while the state of its affairs is established.
Ross Asset Management will be managed at least temporarily by PwC as brokers from First NZ Capital attempt to work out the affairs of a company which suffered a “vacuum of management” a court has heard.
High Court Delivers Judgement on Ross Asset Management
In the Wellington High Court today Justice J Mallon considered an application seeking the appointment of receivers to manage the business of Mr Ross (the first defendant) and his associated companies. The application was made under sections 137F and 137G of the Financial Advisers Act 2008.
Stuff: FMA moves on Ross Asset Management
By Hamish Rutherford
The Financial Markets Authority wants a broker appointed to work out the ‘‘real value’’ of Ross Asset Management, which had its assets frozen on Friday.
The High Court in Wellington will hear an application tomorrow from the financial regulator to bring in both a manager and broker ‘‘whose job it will be to determine what has occurred, the real value of funds under management, and the best way forward’’ the FMA said in a statement.
NBR: Businessman forms user group to help David Ross investors
Wellington businessman Bruce Tichbon is setting up a user group for investors in Ross Asset Management to communicate with each other.
Ross Asset Management Inquiry
The Financial Markets Authority (FMA) have a website with updated information about their enquiry.