Australia Macquarie Investment Management to Repay 100% of Investors Retiring Savings Losses in Shield Master Fund (Shield) for Failure to Place the Fund on Watch List for Heightened Monitoring, Macquarie Investment Management Managed $209 Million (AUD 329 Million) for Around 3,000 Members in 2022 & 2023
27th September | Hong Kong
Australia Macquarie Investment Management has agreed to repay 100% of investors retiring savings losses (Less withdrawn amount) in Shield Master Fund (Shield) for failure to place the fund on watch list for heightened monitoring. Macquarie Investment Management managed $209 million (AUD 329 million) for around 3,000 members in 2022 & 2023. Announcement (25/9/25): “Macquarie Investment Management Ltd (MIML) has committed to paying thousands of Australians who invested hundreds of millions in retirement savings in the Shield Master Fund (Shield) and has admitted it contravened the Corporations Act. ASIC has commenced proceedings in the Federal Court against MIML following admissions that it did not act efficiently, honestly and fairly by failing to place Shield on a watch list for heightened monitoring. ASIC has also accepted a court-enforceable undertaking from MIML to ensure Macquarie pays to members 100% of the amounts they invested in Shield less any amounts withdrawn. As superannuation trustee, MIML oversaw approximately $321 million in super investments into Shield by around 3,000 of its members between 2022 and 2023. Macquarie has admitted the allegations in the proceeding. It is a matter for the Court to determine whether the declarations are appropriate. ASIC has determined not to seek the imposition of a civil penalty in the exceptional circumstances of this matter, including: 1) the strong public interest in obtaining a timely court-based outcome which will encourage other superannuation trustees to comply with their legal obligations in the context of choice platforms; 2) the interests of providing affected members who invested into Shield through a regulated superannuation fund with certainty in a timely manner; and 3) the level of cooperation demonstrated by Macquarie in agreeing to pay members 100% of the amounts invested in Shield less any amounts withdrawn, without waiting for an outcome of the Shield liquidation or proceedings against other parties involved. Background – MIML is a subsidiary of Macquarie Group Ltd. MIML is the superannuation trustee of the Macquarie Superannuation Plan and operates the Macquarie wrap platform. MIML is co-regulated by APRA. ASIC and APRA have coordinated closely in relation to this matter consistent with the collaborative approach each agency takes in relation to issues of shared regulatory interest. In February 2024, ASIC halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield (24-018MR). Macquarie Super members who invested in Shield have not been able to redeem their funds since February 2024 after Keystone (the responsible entity of Shield) froze redemptions. In June 2024, ASIC took action to secure the assets held within Shield (24-129MR). ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing. ASIC understands that, since February 2022, funds totalling more than $480 million have been invested in Shield by at least 5,800 consumers, who accessed Shield primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees. The investigation to date suggests that potential investors were typically called by lead generators and referred to personal financial advice providers who advised investors to roll their superannuation assets into a retail superannuation fund available on a choice platform and then to invest part or all of their superannuation into Shield. ASIC is investigating the circumstances surrounding Shield. ASIC is investigating Keystone Asset Management Ltd (in liquidation) (the responsible entity for Shield), its directors and officers, the role of the superannuation trustees, certain financial advisers who recommended investors invest in Shield, the lead generators, and the research house which rated Shield. This action follows proceedings ASIC launched in the Federal Court against Equity Trustees Superannuation Limited (Equity Trustees) in August (25-176MR). That matter is continuing through the legal process.”
“ Australia Macquarie Investment Management to Repay 100% of Investors Retiring Savings Losses in Shield Master Fund (Shield) for Failure to Place the Fund on Watch List for Heightened Monitoring, Macquarie Investment Management Managed $209 Million (AUD 329 Million) for Around 3,000 Members in 2022 & 2023 “
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Australia Macquarie Investment Management to Repay 100% of Investors Retiring Savings Losses in Shield Master Fund (Shield) for Failure to Place the Fund on Watch List for Heightened Monitoring, Macquarie Investment Management Managed $209 Million (AUD 329 Million) for Around 3,000 Members in 2022 & 2023
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