The Financial Markets Authority is believed to have raided an office in central Wellington.
In a statement the financial regulator confirmed it ''is making inquiries into the affairs of David Ross of Ross Asset Management and is actively engaging with a number of related parties".
Ross Asset Management is based in Morrison Kent House on The Terrace.
This afternoon the offices of Ross Asset Management were locked, while an answer phone message said the company was unavailable.
A man who works in the Morrison Kent building, and who asked not to be named, said in recent days there had been ''a lot of people waiting around, trying to get in'' to the Ross Asset Management offices, but he was unaware of any raid.
The FMA asked any investor with concerns to contact the regulator through its website or on 0800 434 566.
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