FMA investigating asset management firm

The freezing order was made on Friday, five days after the FMA began investigating the firm, which is directed by Authorised Financial Adviser David Ross.

The order also covers related entities Bevis Marks Corporation, Dagger Nominees; Mercury Asset Management, Ross Investment Management, Ross Unit Trusts Management, United Asset Management, McIntosh Asset Management, Chapman Ross Trust and Woburn Ross Trust.

FMA's application for a manager to be appointed to the businesses of Ross Asset Management has been adjourned until tomorrow.

The FMA said it is making inquiries into the affairs of Ross and is actively engaging with a number of related parties, but is unable to comment any further at this stage.  It has called for concerned investors to contact it.