Ross in hospital as managers appointed

The High Court has granted an application by the Financial Markets Authority to appoint John Fisk and David Bridgman of PwC as receivers and managers of Ross’s investment firm Ross Asset Management, which has had its assets frozen.

While PwC manages the company, unnamed brokers from First NZ Capital will look at the state of its investments.

The order, made today in the High Court at Wellington by Justice Jill Mallon, gives Fisk five days to make a preliminary report on the businesses that have been frozen.

The FMA was awarded a freezing order last Friday after a five-day investigation into the company and its associated entities, which are directed by Ross, a Wellington-based Authorised Financial Adviser.