Philo Business Scope & Purpose

Philo Capital Advisers is a portfolio construction and management business with expertise in:

  • portfolio construction and asset allocation
  • investment selection and blending
  • managed accounts
  • implementation support and consulting

What Makes Philo Different?

Philo has no direct competitor due to the unique services and perspectives we offer our clients. Our clients experience these differences in the following ways:

  • Innovative ways to understand, communicate and manage risk for end investors.
  • A dynamic approach to asset allocation utilising market valuation tools developed over 15 years
  • A highly flexible framework for creating client portfolios that enables high levels of customisation whilst also providing a scaleable and efficient methodology for managing portfolios over time.
  • Operational know how and experience in integrating investment advice, portfolio administration and pricing to create a more powerful and sustainable value proposition for financial services intermediaries.

Philo can help organisations develop better portfolios, run a more profitable business and engage more constructively with end investors.

Recent Projects & Activities

  1. Philo principals Ashley Owen and Brett Sanders assisted Centric Wealth to re-engineer its investment services, inclusive of :
    • Development of a single investment framework that accommodated listed and unlisted client portfolios, both active and passive
    • Provision of more ways to engage clients around risk and to set robust expectations around portfolio risk
    • A dynamic approach to asset allocation to position portfolios more effectively against market cycles and manage market risk
    • Greater integration of managed accounts with accompanying benefits for clients, advisers and Centric
    • Updated value proposition and pricing model
    • Development of a comprehensive portfolio construction policy framework
    • Design, build and delivery of comprehensive adviser and support staff training program inclusive of competency testing
    • Ongoing collaboration to ensure services and approach reflect the unique needs of Centric
  2. Assisting one of Australia’s largest industry funds to:
    • develop more robust tools to make market valuation judgements
    • analyse quantitative methods of selecting managed funds for their predictive power
  3. Consulted to one of Australia’s top 5 dealer groups on the relative merits of wrap, managed account and virtual wrap services for their business
  4. Assisted a leading boutique fund manager to understand opportunities for their business that managed accounts present
  5. Presenting to wealth management conferences in Australia and offshore on portfolio risk management and asset allocation.
  6. Analysis of not for profit organisations investment and funding strategy to determine if funding goals were sustainable and to recommend how the portfolio might be better invested in future

Key Investment Beliefs

Philo does not hold the view that there is only one way to manage money. There are numerous approaches that can be taken and part of the art of investment management is choosing the right approach for a particular asset class, client profile / need or investing climate. That is one of the reasons Philo’s portfolio construction framework offers both direct and managed investment portfolios, in both passive and active form.

However, we do have certain strong beliefs about investing, developed by the principals of Philo, over decades of personal and professional experience. We list some of these beliefs here. Click on the relevant item if you would like to read further about the point in question.

Risk management is the first priority

Markets are not efficient

No strategy (including cash, term deposit investing) is risk free

After fees and tax outcomes

Invest, not trade or speculate

Avoid panic selling, late cycle buying or gearing, avoid fads

Executive Team

Philo’s management team have a wealth of experience acquired in Australia and overseas.

Ashley Owen

Ashley Owen

Brett Sanders

Brett Sanders

Hugh Dive

Hugh Dive

Nicole Inkley

Nicole Inkley

Mathew Birch

Mathew Birch

Stephen Karrasch

Stephen Karrasch

Title Name Years Industry Experience Prior Experience Bio Link
Joint CEO Ashley Owen 30 Banking, Finance, Investing, Author, Company Director, CFO, CEO AO
Joint CEO Brett Sanders 29 Investment research, asset consulting, investment platforms, practice management systems, CEO BS
Head of Listed Securities Hugh Dive 15 Investment analyst (sell side and buy side), portfolio management HD
Head of Portfolio Administration Nicole Inkley 9 Client service, portfolio administration, managed accounts NI
Head of Consulting and Implementation Mathew Birch 18 Financial planning, superannuation and general management. MB
Head of Sales Stephen Karrasch 28 Stockbroking, consumer banking, investment management, managed account development and sales SK

Investment Committees

Philo maintains two investment committees with distinct charters and accountability:

The Portfolio Construction Committee sets quarterly asset allocation targets for a range of Model Portfolios as well as confirming portfolio construction rules, investment processes and classification schemes used within Philo. This committee has both internal and external members.

The Approved Investments Committee reviews security selection and blending recommendations put forward by the Philo investment team. Again, the committee comprises both internal and external members and has a clear mandate to ensure that all outcomes are arrived at through consistent application of Philo’s investment processes and rules.

Our external (non-executive) committee members are:

Portfolio Construction Committee Approved Investments Committee
Don Stammer

Don Stammer

John Banos

John Banos

Roger Montgomery

Roger Montgomery

David Bell

David Bell

Compliance Committee

The Compliance Committee's primary objective is to oversee the Philo Group's compliance with:
(a)   Applicable legal and regulatory requirements;
(b)   The Licensees general obligations under section 912A(1) of the Corporation Act 2001
(c)   Client requirements to the extent that they require compliance by Philo group companies; and
(d)   Philo Group compliance policies.

Philo's Compliance Committee operates to a defined charter and has an external Chairperson, Ms Rhonda Lee Quan.  Rhonda is a former deputy general counsel with St George bank and an experienced financial services lawyer having also worked at leading corporate law firm Atanaskovic Hartnell and Macquarie Bank.

The committee also includes senior Philo executives.

Rhonda Lee Quan

Rhonda Lee Quan

Philo's independent compliance adviser is Mr Perry Hume.  Perry helped establish the compliance framework at Philo and he has day to day responsibility for the compliance and risk framework.  Perry reports to the Compliance Committee and the Board in respect of Philo's compliance and risk obligations.  Perry has a law degree and has a broad range of experience, having worked at ASIC, Zurich, Deutsche Asset Management, BT and Ellerston.

Perry Hume

Perry Hume

Shareholders

Philo Capital Advisers ABN 70 119 185 974 and its related entities are privately owned businesses with no shareholding by any other financial services firm.  Philo is 100 per cent owned by its management team.

AFSL

Philo Capital Advisers holds Australian Financial Services Licence no. 301808

Philo Services

Information regarding Philo’s services can be found here.

Ashley Owen

Joint Chief Executive, Philo Capital Advisers

Ashley Owen has an extensive background in the financial services and banking industries. He has been a director of several companies including listed, private, charitable and not-for-profit organisations and is a current director of Third Link Growth Fund.

Prior to Philo Capital Advisers, Ashley held several senior executive roles at Citigroup, HSBC and ANZ Banking Group. In these roles he was responsible for a variety of functions including lending, credit, branch operations, marketing, financial control and strategic planning. Ashley also consulted to Centric Wealth on the enhancement of their portfolio construction methodologies and processes.

Ashley holds degrees in Economic History, Law and Finance. He has written three books on finance and investing, and is a regular media commentator and conference speaker on financial markets. Ashley has also lectured on capital markets for the Securities Institute of Australia and the CFA Sydney Society. Ashley is also a CFA charter-holder.

Ashley is co-founder and Joint Chief Executive of Philo Capital Advisers and chairs Philo Capital Advisers' Portfolio Construction and Allocation Committee.

Brett Sanders


Joint Chief Executive, Philo Capital Advisers

Brett Sanders has over 30 years' experience in the Australian financial services sector.

In the early stages of his career, Brett spent 12 years with the SEALCORP group, 5 years as General Manager and Director of ASSIRT, a leading provider of investment research to the financial services industry.

Later, Brett spent nearly 5 years as Chief Executive of Grove Research & Advisory, an asset consulting firm specialising in servicing organisations with $10 million to $500 million to invest. Clients included universities, local councils, health funds and insurance pools. Brett personally advised a number of the firm’s clients.

Brett joined Centric Wealth in October 2009 as a consultant and was later made Director of Portfolio Construction and Management in October 2010, and was responsible for the investment and research functions of the Group, including asset allocation, investment selection and portfolio administration platforms, inclusive of Centric’s managed discretionary account service.

Brett co-founded Philo Capital Advisers in late 2011 and chairs Philo's Approved Investments Committee. Philo now advises on $4 billion of investor funds, approximately $3 billion of which is in managed accounts administered by Philo.

Hugh Dive


Head of Listed Securities, Philo Capital Advisers

Prior to joining Philo, Hugh was Head of Basic Materials at Citigroup Investment Research; covering the chemicals, building materials and steel sectors. In the 2011 Reuters StarMine Equity Analyst Awards, he was rated 5th overall in Australia for stock picking and first in the Diversified Industrials and Chemicals sectors. Hugh has extensive portfolio management experience gained at Investors Mutual, with a successful track record managing both small and large cap value funds. In 2009, one of the funds he helped manage, the IML Future Leaders Fund, won the AFR Smart Investor Award for the best Australian small cap fund.

Hugh started in funds management with CC&L Investment Management in Vancouver; Canada’s largest independent fund manager with C$37B under management. At CC&L he focused on asset allocation and then Canadian equity analysis. Hugh holds bachelor’s degrees in both Economics and Law from Sydney University and the University of British Columbia, Canadian Securities Course (Honours) and is a CFA charter holder.

Nicole Inkley


Head of Portfolio Administration

Nicole has over 15 years experience in the financial services industry with a focus on portfolio administration, managed accounts and client service.

Nicole commenced her career in banking before transferring to wealth management in the Canberra office of Centric Wealth in 1999. There she gained valuable operational insights into the requirements of adviser practices and was involved first hand in the provision of managed account services as the team leader for client service.

In 2007 she moved to Sydney and took a role coordinating a number of Centric’s portfolio administration services before her subject matter expertise was further recognised when she transitioned to Philo Portfolios in the role of Head of Portfolio Administration.

Nicole manages a team of expert staff who operate the Philo managed account service.

Mathew Birch


Head of Consulting & Implementation

Mathew has over 18 years of experience within financial services. He has worked in the fields of Accounting, Superannuation, Taxation Consulting, Financial Planning and Technical Research.

Prior to joining Philo Capital Advisers, Mathew held a General Management role of an institutionally aligned financial advice practice and prior to that was Financial Planning Manager of NSW and Victoria for a large independent national advisory group.

Mathew holds a bachelor degree in Commerce, is a Certified Practising Accountant (CPA), a Certified Financial Planner (CFP) and is currently studying a Masters of Taxation.

Stephen Karrasch


Head of Sales

Stephen has over 28 years of financial services experience in stockbroking, consumer banking, investment management, managed account development and sales.

Prior to joining Philo Capital in 2014, Stephen was a founding member of OneVue and Head of Group Sales for 6 years. Before this he served as Director and Head of Sales & Marketing for consumer finance at Macquarie Bank and worked for 12 years at Rothschild Australia Asset Management as Head of Retail Distribution. He has also held senior positions in stockbroking and wealth management with Eric J Morgan & Co and AC Goode & Co.

As Head of Sales, Stephen is responsible for the client acquisition and business development for Philo Capital’s investment management and managed account solutions.

Stephen holds a Bachelor of Economics and a post-graduate Diploma in Applied Finance & Investment.

Don Stammer


External Non Executive Member, Philo Capital Advisers, Portfolio Construction Committee

Dr Don Stammer is enjoying his fourth career. The first was as an academic. Second was a decade spent in central banking. Then came long period as an investment banker, concentrating on matters relating to investments and funds management. And Don’s current – and fourth - career is as a company director/adviser and commentator on investment markets.

Don taught economics and finance at the University of New England, the University of Hong Kong and the Australian National University prior to 1971 when he moved to senior positions in the Reserve Bank of Australia.

Subsequently, he was the Chief Economist/Director of Investment Strategy for Deutsche Bank Australia and its predecessor Bain & Company. Over two decades, he gave over 8,000 presentations on the economy and investments. He also led a course on capital markets to the MBA program of the Australian Graduate School of Management. Don was also a director of ING in Australia and for five years was Chairman of three ING listed property trusts. For six years, he chaired the investment committee of ING's Optimix fund of funds. He has also chaired listed companies in the education, financial services and environment and resources sectors. Currently he is a non-executive director of the listed company ING Private Equity Access Limited and also of Kaplan Higher Education Pty Limited. He is an adviser to Altius Asset Management and chairs Australian Ecosystems Foundation Inc.

From 1987 to 2006, Don contributed a fortnightly column on the economy and investments to Business Review Weekly. Until 2001, he made a weekly broadcast on the Australian economy and share market for the BBC World Service and he contributed a regular column to the Japanese financial newspaper the Nihon Keizai Shimbun. He was also a foundation member of the board of the Australia-Korea Foundation and for five years was the Foundation's chairman. Don now writes a weekly column on investments for The Australian

John Banos


External Non Executive Member, Philo Capital Advisers, Portfolio Construction Committee

John has 29 years experience in global financial markets.

In his first career (1985-2000), John specialised in economics; equity research & strategy; and asset allocation. He has been chief economist and analyst (of banking and entrepreneurial stocks) of a top-3 stockbroker in South Africa; chief strategist of HSBC Bank Australia Ltd; chief strategist and head of research of Prudential-Bache Securities (Australia); and a director and head of equity strategy and asset allocation of Merrill Lynch (Australia).

The Dunhill/Wall Street Survey (1996) rated John’s research as first for “strategy research content and strategy presentations”.

After completing the Advanced Management Program at Harvard University in 2000, John has developed a second career (during 2000-2014) as a fund manager and business owner. John became chairman of Banos Asset Management Pty Ltd (BAM) and manages money for a number of sophisticated investors. BAM follows the Warren Buffet model – a bottom-up value manager; and very low fees for investors. John has undertaken the pilgrimage to Omaha to meet his heroes: Warren Buffet and Charlie Munger.

John has studied corporate finance and share markets at university or post-graduate level for more than 12 years in South Africa, Australia and the United States. During this period he has been awarded numerous scholarships, bursaries and best graduate awards.

John has been a qualified Chartered Financial Analyst with the CFA Institute for over 20 years. He is also past treasurer of the Victorian Economic Society; past lecturer of the Securities Institute of Australia; and a graduate of the Australian Institute of Company Directors.

Roger Montgomery


External Non Executive Member, Philo Capital Advisers, Approved Investments Committee

Roger Montgomery founded the boutique investment management office Montgomery Investment Management Pty Ltd in 2011 following a successful career as a fund manager, public company Chairman and most recently, best-selling author.

Montgomery Investment Management is independent, managing funds for a small group of private individuals and families, their companies, trusts, superannuation funds and charitable foundations via the Montgomery Private Fund.

Roger is particularly passionate about making successful stock market investing within the reach of everyone and in 2010 Roger published his first stock market guide book, Value.able, a step-by-step guide to valuing stocks.

Roger appears fortnightly on Paul Turton’s ABC Statewide Drive program, weekly on Ross Greenwood’s Money News program on 2GB, Trading Matters on CNBC and Market Moves, Your Money Your Call and Peter Switzer’s Switzer TV on the Sky Business Channel. Roger also writes his ValueLine column for Alan Kohler’s Eureka Report and frequently appears on the ABC for Lateline Business, Business Today, The 7.30 Report and the Midday News.

Roger shares his stock market insights at his Insights blog, blog.rogermontogmery.com.

David Bell


External Non Executive Member, Philo Capital Advisers, Approved Investments Committee

David is founder and Director of St Davids Rd Advisory (established at the start of 2009), an independent advisory firm specialising in the areas of investments, risk management, governance and education.  David has worked with many large and small institutions across a variety of investment committee, governance and project roles.

Previously David spent 12 years at Colonial First State Global Asset Management (CFS GAM).  The last 8 years was spent establishing, managing and winding up CFS GAM’s Fund of Hedge Fund business.  David spent 4 years across other parts of Colonial including fixed income, quantitative analysis, strategy, risk and management roles.

In 2010 David was awarded a Lifetime Achievement Award for Contribution to the Hedge Funds Industry at the Australian Hedge Fund Awards.

David is an Honorary Fellow of Macquarie University, where he runs the Hedge Fund elective for the Masters of Applied Finance.

David is currently a part time PhD candidate at UNSW, researching investment and risk management solutions for the retirement savings industry.

Rhonda Lee Quan


External Non Executive Member, Philo Capital Advisers, Compliance Committee

Rhonda is a lawyer with over 16 years experience in the banking and financial services industry. As principal of Vianne Consulting Pty Limited, Rhonda advises businesses on a range of legal, corporate governance, risk management and regulatory matters.

Previously, as Deputy General Counsel and Secretary at St.George Bank, Rhonda advised on a broad range of strategic M&A and capital management projects, and provided legal, company secretarial and compliance advice to the Bank’s specialist wealth management businesses and regulatory committees. In 2006, Rhonda joined Macquarie Bank’s legal team as Associate Director in the Banking and Financial Services Group, before taking the role of General Counsel and Secretary at a money market and derivative trading business.

Prior to her in-house counsel roles, Rhonda spent 7 years in private practice with law firms Baker & McKenzie and Atanaskovic Hartnell. Rhonda holds bachelor degrees in Economics and Law.

Perry Hume


Perry Hume, Independent Compliance Adviser, Philo Capital Advisers

Perry has over 20 years experience in financial and corporate regulation. Perry is qualified with an LLB(Hons), BA and a Grad Dip in Applied Finance.

During the 1990’s, Perry was a regulator with the Australian Securities & Investments Commission – working in corporate investigations and enforcement actions pursued in the criminal and civil court system. In 1998, Perry joined Zurich Financial Services as a lawyer and compliance manager. Perry then spent 4 years at Deutsche Asset Management as a Vice President in Compliance and then at BT Financial Group. In 1996, Perry took up the role as the Head of Compliance at Ellerston Capital, part of the Packer group.

Perry left Ellerston to commence his own consulting business in 2010. Perry is engaged by Philo to advise, establish and maintain the compliance and risk framework. Perry reports to the Joint Chief Executives on a day-to-day basis and to the Compliance Committee and Board with regard to Philo’s compliance and risk obligations.

Privacy Statement 

Background

We may hold personal information about you, principally because you are a client of ours or give us information through this website. Personal information means information we hold about you from which your identity is either apparent or can be reasonably determined.

We respect your rights to privacy concerning your personal information which we hold. Our privacy policy is consistent with Australia's legal requirements.

Things change

If you think our records about you might be wrong or out of date - particularly your name, address, phone, email address or financial adviser - it’s important that you contact us and they will be corrected free of charge. 

Why is personal information collected?

Broadly, we use personal information you provide only for purposes consistent with the reason you provided it, or for a related purpose, for example to:

  • Subscribe to research or another service using this website;
  • Contact you regarding our services ~ you can opt out of these communications of course, just contact us;
  • Comply with legal obligations such as identifying you if you become a client; and
  • Administer your account (should you be a client).

If you do not provide us with the information which we ask for, we (or others) may not be able to provide you with some or all of the services available through us. 

How we collect

Most information is collected when you become a client of one of the financial services which we make available, often a managed discretionary account. But there may be other ways we collect personal information such as through contact with you and from this website and your advisers. We will collect personal information from you only by lawful and fair means and not in an unreasonably intrusive way.

What we collect

The kinds of personal information collected can include the following:

  • Name, gender and date of birth;
  • Contact details;
  • Bank account details;
  • Tax file number;
  • Any access and use details for this website; and
  • Other information you or others for you (for example, your financial adviser) might tell us.

Disclosure of personal information

We will not disclose personal information we hold about you unless:

  • This policy allows or with your other express or implied consent;
  • It is to joint account holders;
  • It is to companies within our group;
  • It is to those who help our business to run;
  • It is in the public interest (for example where a breach of law is committed or suspected, and we consider that disclosure against your rights to confidentiality is justified);
  • We consider that law requires disclosure, or a regulator requests (for example, to various government departments and agencies such as the Australian Taxation Office, CentreLink, the Child Support Agency, or disclosure to courts under subpoena or to ASIC or AUSTRAC if asked);
  • We consider someone relevant to you needs the information, for example your financial adviser or someone who we have no reason to doubt is acting for you; or
  • It is to administer your account.

What about security?

We are committed to ensuring that your personal information is kept secure. We have a number of physical access and technology policies and procedures in place designed to provide a robust security environment. No personal data is stored on our web site.

In those instances where we secure your personal information in transit to us and on receipt, we use the industry standard encryption software, Secured Socket Layer (SSL) 128 bit encryption. The URL in your browser will change to "HTTPS" instead of "HTTP" when this security feature is invoked. Your browser may also display a lock symbol on its bottom task bar line to indicate this secure transmission is in place. But the internet is not a secure environment and we cannot guarantee the security of information we exchange electronically.

Website use

Our internet server logs certain information which is provided by your browser:

  • The type of browser and operating system you are using;
  • Your Internet Service Provider and top level domain name (for example - .com, .gov, .au, .uk etc);
  • The address of any referring web site (for example - the previous web site you visited); and
  • Your computer's IP (Internet Protocol) address (a number which is unique to the machine through which you are connected to the internet).

We may use cookies to obtain information with regards to web site activity (such as the type of browser used, the number of pages viewed, time of the site and navigation patterns) and to help you use this site when you visit again. This information on its own does not identify an individual but it does provide us with statistics that can help us with design of the web site. You can configure your browser to accept or reject cookies. If you reject all cookies you may not be able to use some or all of our web site.

Telephone services

We may monitor or record telephone calls for training, record or security purposes. If we do so, we will tell you at the time.

Access to personal information

In most circumstances, you have the right to access any personal information we collect and hold about you. In certain circumstances, the law permits us to refuse your request to provide you with access to your personal information, such as when:

  • We reasonably believe that access would pose a serious threat to the life or health of any individual;
  • Giving access would have an unreasonable impact on the privacy of others;
  • The request is frivolous or vexatious;
  • The information relates to a commercially sensitive decision making process;
  • Access would be unlawful; or
  • Giving access may prejudice enforcement activities, a security function or commercial negotiations.

Please contact our Privacy Officer at the address below if you wish to access, update or correct your personal information, or if you have a complaint about how we have handled your details. We have a compliance process for dealing with complaints and we undertake to deal with your complaint as quickly as possible, and to keep you informed of its progress. 

Further information

You can obtain further general information about your privacy rights and privacy law from the Office of the Australian Information Commissioner by:

  • Calling their Privacy Hotline on 1300 363 992; or
  • visiting their web site at www.privacy.gov.au, or
  • by writing to:

The Australian Information Commissioner
GPO Box 5218
Sydney NSW 1042

or

The Australian Information Commissioner
enquiries @ oaic.gov.au 

Changes

We may make changes to information handling and privacy policies and practices and this privacy policy. We will publish important changes on our web site and if necessary update this policy.   

Privacy Officer

Attention: the Privacy Officer
Philo Group

Level 11

37 York Street
Sydney NSW 2000

Tel: 1300 303 323

or send a message on Contact Us page

 

Terms of use 

This website is published by Philo Capital Services Pty Ltd ABN 91 154 859 284 and is operated by Philo Capital Services Limited and other companies that are associates of Philo Capital Services Pty Ltd including Philo Capital Advisers Pty Ltd ABN 70 119 185 974 AFSL 301808  (referred to collectively as the Philo Group).

Using this website is your agreement to these terms as amended from time to time. Please take the time to read them. Contact us if you have any suggestions or complaints.

We do not promise that this website is always up to date, always available or virus or third party cookie free.

We take reasonable care in the maintenance of information on this website. However, to the extent permitted by Australian law, all obligations which might otherwise be implied or imposed on us by law or equity in relation to this website are expressly excluded to the extent permitted by law. Loss arising to you from use of this site is limited to resupply by us of the services. Under no circumstances will we be liable for any special or consequential damages.

We may amend this site or any part of its contents without telling you. You must not modify this site. Contact us if you wish to link to this site. We are not responsible for links to outside this site.

Unless otherwise expressly stated to the contrary, this website is not designed for the purpose of providing personal financial or investment advice. Information provided does not take into account your particular investment objectives, financial situation or investment needs.

You should assess whether the information on this website is appropriate to your particular investment objectives, financial situation and investment needs. We recommend you seek financial, legal and taxation advice. You should do this before making an investment decision on the basis of the information on this website.

Opinions expressed are subject to change without notice. Past performance is not a reliable indicator of future performance. Any forecasts included on this website are predictive in character and may be affected by incorrect assumptions or by known or unknown risks and uncertainties. Actual results may differ substantially from the forecasts.

Unless otherwise expressly stated to the contrary, the information on this website is not a recommendation to invest or refrain from investing in any investments, securities or financial products, including those which may be offered by any member of the Philo Group.

This website and all it displays are the property of Philo Capital Holdings Pty Ltd and related entities and are protected by copyright, trade mark and other intellectual property laws. You may reproduce information for your personal use only. We reserve all other rights.

Unless otherwise stated, all figures are in Australian dollars and include GST. Examples used on this website are not exhaustive.

This website is for persons located in, and is designed to meet only the laws of, Australia. This website is not for use by people not located in Australia. It is very likely that it does not comply with all foreign laws. In any dispute arising from this site, New South Wales laws apply. You consent to the exclusive jurisdiction of the courts of New South Wales.