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Macquarie repays $321M to 3,000 investors after breaching super rules on Shield Master Fund.
Macquarie Investment Management Ltd has admitted to breaching superannuation rules by failing to monitor the Shield Master Fund, agreeing to repay $321 million to about 3,000 investors who lost savings through the fund between 2022 and 2023.
The Australian Securities and Investments Commission confirmed Macquarie did not place the fund on a watch list despite its lack of track record, violating the Corporations Act.
ASIC accepted a court-enforceable undertaking for full repayment of investors’ original capital, minus withdrawals, to restore their financial position.
No civil penalty was imposed due to Macquarie’s cooperation and timely resolution.
ASIC is also pursuing legal action against Equity Trustees and continues investigating misconduct tied to Shield and the First Guardian Master Fund, which together impacted around 11,000 people and caused $1.2 billion in losses.
Macquarie devuelve $321 millones a 3.000 inversionistas después de violar las reglas del fondo Shield Master.