A disturbing recent NZ example of how professional fees devour
investors savings. Of course the government collects GST on the
professional fees.
NZ Herald: FMA has eye on managers
Ross Asset collapse has highlighted the risks of controlling individuals’ investments.
The investment watchdog says it is taking a vigilant approach to financial advisers who manage their clients’ money on a discretionary basis since the Ross Asset Management collapse but can’t rule out other cases of poor management.
NZ Herald: Ross investors could face ‘terrible legal battle’
Investors in Ross Asset Management face a “gruesome legal fight” to recover their funds if investigations by regulators show fund principle David Ross was running a Ponzi scheme, says investor spokesman Bruce Tichbon.
Ross Asset Management in Mauritius and Bermuda
via the Tipline … it seems there are Ross Asset Management companies set up in Mauritius (2011) and Bermuda (1999).
Details below.
Ross Asset Management Limited (Mauritius)
- Company Number
- C101529
- Status
- Live
- Incorporation Date
- 22 March 2011 (over 1 year ago)
- Company Type
- LIMITED BY SHARES
- Jurisdiction
- Mauritius
- Registered Address
-
- 4TH FLR, EBENE SKIES, RUE DE L’INSTITUT, EBENE [ View on Google Maps ]
- Mauritius
- Registry Page
- https://mns-portal.intnet.mu/cbris-na…
-
ROSS ASSET MANAGEMENT LTD ( Bermuda ).
- Company Number
- 26226
- Incorporation Date
- 24 March 1999 (over 13 years ago)
- Jurisdiction
- Bermuda
Stuff: Minister wrong, says former commissioner
A former Securities Commission member says Commerce Minister Craig Foss is “looking in the wrong direction” in claiming Ross Asset Management has not demonstrated regulatory failure.
David Mayhew, the former Commissioner for Financial Advisers who is now a London-based barrister, said the regime authorising financial advisers – where attention on the Ross collapse has focused – was simply designed to ensure applicants were qualified. The problem was a lack of licensing and oversight.
Stuff: Govt ‘won’t act’ on Hubbard complaint
Hubbard investors’ complaint to the Government has failed to bring any action.
The Investor Liaison Group had complained to Commerce Minister Craig Foss and Attorney-General Lyn Provost about the conduct of statutory managers Grant Thornton.
The group hoped the complaint, which was signed by 230 investors, would prompt the Government to find an appropriate solution for all investors, while picking up the tab for management and legal costs, which have reached $12 million.
National Radio: Will Ross Asset Management investors ever get any of their money back
Bruce Tichbon speaks on behalf of investors in Ross Asset Management, who have lost millions of dollars in a suspected Ponzi scheme. (23′37″)
NZ Herald: Ross investors urged to speak up
Some investments in David Ross’ failed business could have been saved if his clients had voiced concerns about their money sooner, says a financial disputes service.
Stuff: I don’t see regulatory failure – Foss
Commerce Minister Craig Foss denies the Ross Asset Management collapse has exposed regulatory failures, with no plans in motion to modify legislation he says is key to building confidence in financial markets.
In an interview Foss, a former investment banker with Credit Suisse, said accountants or other advisers working for Ross’ clients had time to ask questions of how the company was being managed, if the regulator couldn’t.
TVNZ: Ross Asset receivers unable to extract full fees, court told
Receivers and their legal counsel for Ross Asset Management discounted their charges but still couldn’t extract their full fees from the liquid assets left in David Ross’s group of investment companies, the High Court has been told.