Legal

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We are currently licensed to invest globally in equities, debt and derivatives.

We are not licensed (and have not asked to be licensed) to directly handle client cash or securities. We believe that as a small fund manager we do not have the procedures to safely handle your cash and securities. We also believe that in a post-Madoff world clients are happier (or should be happier) sending cash to reputable third party custodians or prime brokers to hold on their behalf. We seek only rights to trade for the client accounts.

We currently use Interactive Brokers for prime broking and clients accounts. This is a highly automated service and accounting (including US tax accounting) is done by Interactive Brokers. For large accounts we will use the custodian of the customer's choice.

We operate under Australian Financial Services License (AFS): 334325.

For USA clients we are a USA licensed investment adviser. Our USA registration details can be found using the SEC's Investment Adviser Search Portal and entering 151222 as the IARD number.