Investors who put money into Ross Asset Management have set out a wish list for the company’s liquidation, which is likely to proceed on Monday.
On Thursday receivers from PriceWaterhouseCoopers met with David Ross who had been held in hospital for three weeks under the Mental Health Act.
So far only $11 million of the $449.6m reported to be in investors’ portfolios has been found and receivers say further significant recoveries are unlikely.
Some Ross Asset Management investors have asked the High Court to be admitted as a party to proceedings and called for the liquidation of the failed group to be put out to tender.
A tentative new date of December 10 has been set for the Financial Markets Authority (FMA) to update the High Court on the Ross Asset Management receivership, by which time receivers PwC are expected to have applied to liquidate the group.
A group of investors in the failed Ross Asset Management group has asked the High Court to be admitted as a party to proceedings and called for the liquidation of the companies to be put out to tender.
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.
By Hamish Fletcher
A meeting between financial advisor David Ross and the receivers of his troubled business has borne little fruit.
By Brian Gaynor
Company lacked inherent checks and balances to protect investors.
The collapse of Ross Asset Management is a stark reminder that people should be extremely careful with their investable funds.
By Philip Macalister
I’ve been thinking about New Zealanders and our love affair with property. It is a bond that will never end – well, not in my lifetime anyway.
Described by investors as “magnificent and impressive” Wellington fund manager David Ross was still winning over clients on the eve of his firm’s failure and some were even considering giving him more money.
Welcome to our Support Pages for those affected by the collapse of the Ross Group of companies. We are also extending our support to the tens of thousands of other NZ investors who have been robbed of billions of dollars over the past few years, of which very little has ever been recovered.
RAM investors please register with us so we can keep you informed with what is happening, and to allow us to provide you with information that may help in dealing with the situation. To register please email me at the address below.
If you have any relevant information to share, then please contact us.
Founder & Spokeperson for RAM Investors Group (RAMIG)
Email bruce@rosssupport.co.nz
Wellington fund manager David Ross, whose businesses have been frozen after missing investor payments, has told receiver PwC not to expect to find any other assets after being released from hospital after three weeks of care under the Mental Health Act.