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.

Mr Fisk and colleague David Bridgman will also manage nine other associated entities, including:

  • Bevis Marks Corporation Ltd
  • Dagger Nominees Ltd
  • McIntosh Asset Management Ltd
  • Mercury Asset Management Ltd
  • Ross Investment Management Ltd
  • Ross Unit Trusts Management Ltd
  • United Asset Management Ltd
  • Chapman Ross Trust
  • Woburn Ross Trust

FMA’s enquiries have identified assets held in New Zealand, Australia, the UK and the USA.

Mr Fisk and Mr Bridgman will spend the next week looking to identify the assets held, the names of clients and the value of portfolios held.

“Our first priority will be to establish the financial position of the Ross Group. In this regard, we will be writing to all known investors within the next 48 hours. In addition, the receivers and managers will be reporting back to the court in five days on initial progress and proposed further actions,” Mr Fisk says.

He is also encouraging investors who have concerns or queries to get in touch with PwC or the FMA.

In the meantime, David Ross Asset Management’s offices on The Terrace remain closed.

bcunningham@nbr.co.nz

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