Receivers and Mangers appointed to Ross Asset Management

Tuesday, 6 November 2012, 2:45 pm
Press Release: Financial Markets Authority

6 November 2012

Receivers and Managers appointed to Ross Asset Management

The High Court in Wellington has today granted FMA’s application for John Fisk and David Bridgman of PwC to be appointed as receivers and managers, along with experienced brokers from First NZ Capital, to manage the business of David Ross and Ross Asset Management.

The decision follows the freezing of the assets of Mr Ross last Friday after FMA received a number of complaints regarding the delayed or non-payment of investors.

Mr Fisk and Mr Bridgman have now stepped in to manage the business and to identify the assets held, the names of clients and the value of the portfolios held. FMA’s inquiries to date have identified that assets are held in New Zealand, Australia, the UK and the USA, and FMA and PwC’s inquiries to locate and value the assets continues.

The receivers will provide a report updating the Court and FMA next week on the steps they have taken and the current status of their work. They will be in touch with known investors within the next two days.

If you are an investor, we ask that you contact the receivers at PwC and provide them with details of your investment on 04 462 7040 or http://www.pwc.co.nz/.

ENDS

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