Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Update on Ross Asset Management Limited


News Release

Update on Ross Asset Management Limited (In Receivership) and related entities


PwC Partners John Fisk and David Bridgman as Receivers and Managers to Ross Asset Management Limited and related entities, have provided a report to both the High Court in Wellington and the Financial Markets Authority (FMA). The submission of the report is in accordance with the orders of the High Court dated Tuesday 6 November 2012. The Court has now ordered the report to be released so investors are fully informed.

Mr Fisk says, “The report outlines our appointment and the actions undertaken to date. It also includes recommendations as to the likely next steps and future for the Ross Group.”

Since being appointed, work has been undertaken to verify the Ross Group’s assets in New Zealand and overseas, while also analysing the Group’s records to determine the position of the investors’ portfolios.

To date, the Receivers and Managers have identified 1,720 individual investor accounts holding purported investments of NZ$449.6 million. However, the Receivers and Managers and their expert advisors have only been able to identify $10.214 million of investments held. Accordingly, there is a significant gap in the identified market value of the Group’s investments as against the amounts reported in investors’ portfolios. The analysis of the Receivers and Managers to date indicates it is likely the historical returns advised to investors are exaggerated and may possibly be fictitious. Therefore, the actual cash loss that may eventually be suffered by the remaining investors will differ from the amounts currently showing as the “value” in individual investors’ portfolios.

Also, through their work, the Receivers and Managers have identified a further three entities within the Ross Group which they recommended should be considered part of the receivership.

Mr Fisk says, “In our opinion, the Investment Fund managed by the Ross Group is insolvent, as it cannot repay the value of the portfolios reported to investors as they become due in the ordinary course of business. We firmly believe a recovery strategy needs to be immediately addressed to maximise investor interests. Therefore, we have recommended the Ross Group entities be placed in liquidation because this will help with the realisation of assets for the benefit of investors.

“We are fully aware the situation is distressing for investors and it is our aim to provide as much certainty as quickly as possible. Should investors or other stakeholders have any queries, please contact us via our website, facsimile, or postal address, or dedicated telephone message,” concludes Mr Fisk.

A summary of the Receivers and Managers report will be distributed to investors and the full report is available on the PwC website http://www.pwc.co.nz/RossAssetManagement.

The details are:
Postal
Ross Asset Management Limited (In Receivership) and related entities PricewaterhouseCoopers
PO Box 243
Wellington

Facsimile: +64 (0)4 462 7492

•A dedicated page on the PwC website can be found at http://www.pwc.co.nz/RossAssetManagement. It will be updated when relevant and appropriate.

•In addition, a dedicated telephone message line +64 (0)4 462 7040 has been established for any investors or creditors who have an enquiry relating to Ross Asset Management Limited (In Receivership) and related entities.
-ends-


Note to editors:

PwC Partners Mr John Fisk and Mr David Bridgman were appointed Receivers and Managers to Ross Asset Management Limited and related entities, pursuant to FMA application under the Financial Advisers Act.

Ross Asset Management Limited and related entities include (In Receivership) (the “Ross Group”) comprise of:
•Ross Asset Management Limited (In Receivership)
•Bevis Marks Corporation Limited (In Receivership)
•Dagger Nominees Limited (In Receivership)
•McIntosh Asset Management Limited (In Receivership)
•Mercury Asset Management Limited (In Receivership)
•Ross Investment Management Limited (In Receivership)
•Ross Unit Trusts Management Limited (In Receivership)
•United Asset Management Limited (In Receivership)
•Chapman Ross Trust (In Receivership)
•Woburn Ross Trust (In Receivership)
•Mr David Robert Gilmour Ross (In Receivership).

The additional three entities mentioned in the news release include:
•Ace Investments Limited or Ace Investment Trust Limited or Ace Investment Trust
•Vivian Investments Limited
•Ross Units Trusts Limited.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Employment: ANZ Proposes Casualisation In Whangarei Stores

ANZ workers in Whangarei could see their incomes drop by 20 to 40 percent if the bank’s proposal to reduce the number of full-time positions goes ahead says FIRST Union national organiser Tali Williams. More>>

Finance: BNZ Develops Specialist Tāmaki Māori Banking Team

BNZ develops specialist Tāmaki Māori Banking Team to support Māori as Auckland grows More>>

Pharmaceuticals: Commerce Commission To Consider Pharmaceuticals Merger

The Commerce Commission has received an application from Pfizer Inc. seeking clearance to acquire all of the shares in Hospira Inc. More>>

Real Estate: Housing Unaffordability Issues Spread

Surging house prices in Auckland and Queenstown last month pushed home ownership even further beyond the reach of first home buyers in the two districts, according to the AMP360 Home Loan Affordability Report for March. More>>

Statistics NZ: Annual Exports To China Dip Below Australia

The value of goods exports to Australia ($8.7 billion) surpassed those to China for the year ended March 2015, Statistics New Zealand said today. More>>

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news