US EditionMacquarie to fully compensate Shield Master Fund victims
Macquarie will repay $321 million to about 3,000 investors after admitting regulatory breaches led to the Shield Master Fund collapse and frozen retirement savings.
- Macquarie Investment Management Ltd will repay thousands who invested in the collapsed Shield Master Fund, promising payments in full by September 30.
- ASIC found that Macquarie Investment Management Ltd oversaw $321 million in super investments via its wrap platform between 2022 and 2023 but failed to place Shield on a watch list.
- Macquarie will enact repayments by purchasing holdings at fair value and adding a goodwill payment to compensate around 3,000 clients unable to access funds since February 2024.
- ASIC commenced Federal Court proceedings and accepted a court-enforceable undertaking to secure repayments, saying it will not seek a civil penalty due to exceptional circumstances while Minister Daniel Mulino welcomed the reimbursement and Treasury works on reforms.
- ASIC alleges that Shield and First Guardian mismanaged funds, including $154 million given to an unlicensed builder, while at least 5,800 investors and financial planners face ongoing investigations.
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11 Articles
Macquarie to repay Shield investors $321 million over failure of super fund
Macquarie Investment Management Ltd (MIML) has today undertaken to repay thousands of people who invested hundreds of millions of dollars from their retirement savings in the collapsed Shield Master Fund (Shield).The Australian Securities and Investments Commission (ASIC) began proceedings in the Federal Court against MIML, a subsidiary of the Macquarie investment bank, following admissions that it did not act efficiently, honestly and fairly by…
Macquarie to compensate Shield investors, share markets fall as rate cut bets dialled back
Corporate regulator ASIC reaches a deal with Macquarie to fully compensate investors in the collapsed super fund Shield. Meanwhile, major share indices are easing on worries that interest rates will not fall much further. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
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