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.
NZ Herald: Ross meeting offers little hope
By Hamish Fletcher
A meeting between financial advisor David Ross and the receivers of his troubled business has borne little fruit.
NZ Herald: Ross Asset collapse setback for FMA
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.
NZ Herald: Ponzi threat explains love affair with property
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.
NZ Herald: Everyone ‘swore by him’
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
Featured
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.
Bruce Tichbon
Founder & Spokeperson for RAM Investors Group (RAMIG)
Email bruce@rosssupport.co.nz
NBR: Investors’ worst fear realised
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.
Stuff: Receivers might try fast-track method
Ross Asset Management investors could face “rough justice” in a bid by receivers to bring a relatively speedy return of funds.
PricewaterhouseCoopers partner John Fisk faces a massive task establishing a formula to use to return the up to $11 million in assets which have been found, which after the costs of the process could be 1 to 2 cents in the dollar invested.
NBR: Ross shutdown unexpected, and still unexplained
Before Ross Asset Management went into receivership this week, it was regarded as a prosperous fund in the hands of highly capable manager David Ross.
But some 20 years of reportedly high returns – more than 37% in the mid-1990s – came to an abrupt end on Friday November 2 when the Financial Markets Authority raided RAM’s office and had its assets frozen.
The circumstances surrounding the situation remain murky.
NewstalkZB: Ross investors appeal for returns
Investors in Ross Asset Management are desperately appealing for what little is left to be returned to them, and not soaked up by fees and litigation.