Macquarie to Repay $321 Million to Investors After Shield Superannuation Fund Collapse
Macquarie to Repay $321 Million to Investors After Shield Superannuation Fund Collapse Sydney, September 25, 2025 – In a landmark resolution, Macquarie Investment Management Ltd (MIML), a subsidiary of Macquarie Group, has agreed to repay A$321 million to investors impacted by the failed Shield Master Fund. The decision follows investigations by the Australian Securities and Investments Commission (ASIC), which found that Macquarie had breached its obligations as a trustee. Between 2022 and 2023, nearly 3,000 superannuation members invested in the Shield Master Fund through Macquarie’s platform. The fund had no prior performance record and was marketed as a potential growth opportunity. However, in 2024, Shield froze redemptions and later went into liquidation, leaving thousands of investors uncertain about their retirement savings. ASIC argued that Macquarie failed to act “efficiently, honestly and fairly” by not imposing stricter oversight on Shield, given its new and untested nature...