FMA gets Ross Asset court date

HAMISH RUTHERFORD
Last updated 14:27 05/11/2012

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The Financial Markets Authority wants a broker appointed to work out the ‘‘real value’’ of Ross Asset Management, which had its assets frozen on Friday.

The High Court in Wellington will hear an application tomorrow from the financial regulator to bring in both a manager and broker ‘‘whose job it will be to determine what has occurred, the real value of funds under management, and the best way forward’’ the FMA said in a statement.

There are reports that Ross may be managing up to $300 million on behalf of clients, who have been unable to reach him recently.

‘‘FMA moved on behalf of investors within five days after it had received a number of complaints from people who were trying to withdraw their money. Search warrants were executed at David Ross’ office and home last week,’’ the FMA said.

On Friday the FMA raided the offices of Ross Asset Management, which is based on The Terrace in Central Wellington, as well as the home of its sole director, David Ross, in an exclusive part of Lower Hutt.

The High Court granted an application to freeze the assets of Ross Asset Management, as well as those of a number of other related entities owned by Ross and his wife, Jillian.

Since then the FMA has been contacted by around 200 people who say they had money with Ross. ‘‘FMA is engaging with the Ross family and their solicitors, and they are cooperating with our inquiries,’’ it said.

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- BusinessDay.co.nz

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