Macquarie and Equity Trustees caught up in Shield investigation
ASIC has said it is exploring whether there are concerns regarding Macquarie and Equity Trustees for hosting platforms where investors rolled over their superannuation int the Shield Master Fund.
Appearing before the Standing Committee on Economics on 25 October, ASIC deputy chair Sarah Court discussed the Shield Master Fund and Keystone Asset Management investigation with Labor MP Daniel Mulino.
Macquarie received a penalty from the Market Disciplinary Panel (MDP) earlier this year regarding serious gatekeeper failure but Court said Macquarie is also being investigated regarding a separate matter.
ASIC commenced court action against Keystone Asset Management as responsible entity for Shield in June 2024 and obtained an order for freezing of the assets to preserve Shield's monies and managers and receivers were appointed. Subsequently, voluntary administrators were appointed.
She said: “Where this relates to Macquarie is that consumers who invested their superannuation in Shield Master Fund did so through two superannuation platforms.
"One of those was hosted by Macquarie and the second was hosted by Equity Trustees.
“We are looking at whether there any conduct of concern regarding Macquarie and Equity Trustees in regards to their facilitation of those very significant investment sums through those platforms.”
Asked by Mulino when the regulator expected to see an outcome, she said it is very complex investigation involving a full team of investigators.
“It is hard to predict at the moment,” she told the committee. “It is very complex and spans cold-calling, lead generation, financial advice and the potential mismanagement of investor funds through to the potential role of the platforms. It won’t be this calendar year but we hope to have a better idea of the facts in the first half of 2025.”
A statement from Equity Trustees when contacted by Money Management said: "We are working closely with ASIC and fully support its investigation into the Shield Master Trust and any steps necessary to protect investor interests."
Money Management has reached out to Macquarie for comment.
AUTHOR
Laura Dew
Recommended for you
ASIC has issued infringement notices to two AFSLs over financial advisers providing personal advice while they were unregistered.
Australian retirees could increase their projected annual incomes by as much as 51 per cent through comprehensive financial advice, according to a Vanguard study, but cost continues to be an issue.
AMP has announced a senior appointment to its North leadership team, reinforcing the firm’s commitment to the advice industry.
Despite the financial adviser exam being rooted in ethics, two professional year advisers believe the lack of support and transparency from the regulator around the exam is unethical.
