Board of Directors

Karl Siegling

Chairman and Company Secretary

Karl Siegling has over 20 years investment experience in the financial sector both in Australia and overseas. He holds a Bachelor of Commerce and a Law degree from the University of Melbourne and an MBA specialising in Finance and Entrepreneurial Endeavours from INSEAD in France. Karl has also completed the Post Graduate Diploma in Finance with the Securities Institute of Australia.

He commenced work in the Financial Services sector in Australia with Deutsche Morgan Grenfell, trading overnight currencies, bonds and bond options on the Sydney Futures Exchange. Then he worked within the Equities Research Division of Deutsche Morgan Grenfell before moving to the Equities Division of Goldman Sachs in London. Upon returning to Australia, Karl was the Managing Director of eFinancial Capital Limited (a subsidiary of Challenger International Limited), which was a private equity fund with Pooled Development Fund status, focused on investing early stage and expansion capital. The fund invested in financial services and Australian internet based technology companies.  For two and a half years Karl worked as a consultant for Wilson Asset Management (International) Pty Limited researching stocks for the Wilson group of funds. He is also the managing director of the manager, Cadence Asset Management Pty Limited. Karl has been a Director of the Company for the past 11.5 years.

Wayne Davies


Wayne Davies has over 14 years funds management experience in Equity Long/Short Funds both in Australia and overseas. He is both a member of the South African Institute of Chartered Accountants and the Chartered Institute of Management Accountants. Wayne Davies is a founding member of the Cadence Asset Management team and has been the Chief Operating Officer of Cadence Asset Management for the past 8 years.  Wayne Davies worked with Theorema Asset Management in London and still remains a director of Theorema Europe Fund and Theorema Europe Fund Plus. Wayne has been a Director of the Company for the past 3.5 years.

Ronald Hancock


Ronald Hancock is a fellow of the Institute of Chartered Accountants Australia with extensive experience in the financial services industry. He was the Managing Director of Wide Bay Australia Limited, which has moved to a full banking license and now trades as Auswide Bank Ltd, and retired in February 2013. He was a foundation Director and Manager of the Burnett Permanent Building Society formed in 1966, which subsequently merged with other Queensland societies to form Wide Bay Capricorn Building Society Ltd, subsequently Wide Bay Australia Ltd.

Ronald Hancock was a practising Chartered Accountant and continued to practise during the establishment period of the Society. He retired from accountancy in 1994 after 32 years and is also a Director of several private companies. Ronald has been a Director of the Company for the past 3.3 years.

James Chirnside


James has worked in financial markets for 32 years – mainly as an equities fund manager across a broad range of markets and sectors. James is currently Chairman and Managing Director of ASX listed Dart Mining NL. Dart is a junior mining and exploration company with operations in North-east Victoria. The principle focus and activities include Gold, Lithium, and base metals.

Historically James has worked as a fund manager, proprietary metals trader, and derivatives broker in Sydney, Hong Kong, London, and Melbourne. James operated Asia Pacific Asset Management between 2002 and 2012. APAM was an Australian and Asian equities fund manager. From 2000-2001 James worked for Challenger Financial Group in Sydney as a product manager, responsible for hedge fund development and investments. During the 1990’s James managed frontier and emerging market hedge funds in Hong Kong and London for Regent Fund Management (now known as Charlemagne Capital). He was primarily focussed in the resources sector spanning Russia and Eastern Europe as well as more developed markets in Asia including Japan. Between 1988 and 1992 James ran a Proprietary trading book for County NatWest Investment Bank, based in London. At County he was focussed on closed-end Country Funds, Energy products and derivative arbitrage strategies. James also worked for Bell Commodities in Melbourne and London and commodity trader – NYSE listed – Bunge Inc. James Chirnside is also a director of WAM Capital Limited (WAM), Mercantile Investment Company Ltd (MVT), and Ask Funding Ltd (ASK). James has been a Director of the Company for the past 11.5 years.

Featured Video

Quarterly Webcast March 2017

Quarterly Webcast March 2017

In this Webcast, Karl Siegling gives an update on the fund’s performance and a brief outlook for the Company. He also discusses the portfolio’s holdings, and gives a detailed update of the Company’s largest holding Melbourne IT (ASX:MLB).

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