David Ross tells clients he is 'obliged to put clients' first, act with integrity'

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

As recently as last year Wellington-based investment adviser David Ross was telling new clients he was obliged to place their interests first and “act with integrity”.

NBR has obtained a copy of the authorised financial adviser’s secondary disclosure statement, from July 2011.

David Ross’ group of entities, including Ross Asset Management, are in receivership and are under investigation by the Serious Fraud Office.

PwC receiver John Fisk says so far he has only found $11.47 of assets from a purported $450 million.

Within the next fortnight, he intends to apply to the Wellington High Court to have RAM liquidated.

In the secondary disclosure statement, Mr Ross says he graduated from Victoria University in 1977 with a BCA majoring in accounting and is currently a member of the Financial Services Institute of Australasia as a senior associate and of the Institute of Financial Professionals New Zealand.

He assured clients he would provide them with discretionary investment management services and financial advice in relation only to:

  • Domestic shares.
  • International shares.
  • Fixed interest products.
  • Cash products.

Mr Ross says he was an employee, shareholder and director of RAM and received remuneration from the company. He also made it clear he managed portfolios for himself and certain members of his family.

He also made it clear while managing a portfolio, RAM may:

  • Effect transactions with you or on your behalf where it, or one of its associated persons or agents, has a material interest in the transaction or where the transaction may give rise to a conflict of interest.
  • Purchase or sell for its other clients or for RAM’s own account any of the products in your portfolio.
  • Have banking relationships with companies whose securities are held, purchased or sold for your portfolio.

Generally, he would charge fees of 1.5% per annum for portfolios with a market value less than $100,000 and 1% for portfolios with a market value of more than $100,000.

For more details, read today’s NBR print edition.

RAW DATA: David Ross secondary disclosure statement


This article is tagged with the following keywords. Find out more about MyNBR Tags

1 Comment & Question

Commenter icon key: Subscriber Verified

Interesting fee structure given he wasn't supposed to be taking investments under $500k

  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot


Sym Price Change
USD 0.7449 -0.0046 -0.61%
AUD 0.9767 -0.0023 -0.23%
EUR 0.6928 0.0005 0.07%
GBP 0.5023 -0.0041 -0.81%
HKD 5.7761 -0.0352 -0.61%
JPY 89.2270 -0.7090 -0.79%


Commodity Price Change Time
Gold Index 1183.1 -2.890 2015-03-31T00:
Oil Brent 55.1 -1.180 2015-03-31T00:
Oil Nymex 47.6 -1.080 2015-03-31T00:
Silver Index 16.6 -0.080 2015-03-31T00:


Symbol Open High Last %
NZX 50 5834.0 5835.1 5834.0 -0.01%
NASDAQ 4925.9 4940.9 4947.4 -0.94%
DAX 12054.2 12119.7 12086.0 -0.99%
DJI 17965.4 17965.4 17976.3 -1.11%
FTSE 6891.4 6910.1 6891.4 -1.72%
HKSE 25113.2 25113.2 24855.1 0.18%
NI225 19129.8 19195.2 19207.0 -0.67%