First cut: how DIMS measure up

David Ross was jailed for 10 years and 10 months for running a Ponzi scheme in which his investors lost $115 million when his business collapsed. (Image: NZME)

David Chaplin

Wed, 30 Oct 2024

RAM made DIMS a briefly famous acronym in New Zealand over a decade ago. The notorious Ross Asset Management (RAM) collapse in 2012 highlighted the risks attached to the mostly unregulated discretionary investment management services market, where clients delegate authority to advisers to invest as they see fit. Under DIMS (discretionary investment management services) arrangements, advisers essentially act as fund managers, able to buy and sell securities in portfolios without requiring explicit permission from clients each time they...

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