Macquarie to pay out millions in super investments | ABC News | The Business
Macquarie Investment Management has committed to repaying thousands of Australians who invested hundreds of millions of dollars of their retirement savings in the collapsed Shield Master Fund. The corporate watchdog, the Australian Securities and Investments Commission (ASIC), has commenced proceedings in the Federal Court against the subsidiary of the banking giant, which admitted that it did not act efficiently, honestly and fairly by failing to place Shield on a watch list for heightened monitoring. ASIC said, as a superannuation trustee, Macquarie Investment Management oversaw about $321 million in super investments into Shield by about 3,000 of its members between 2022 and 2023. Those customers will now be fully compensated for the losses on the retirement savings they invested, while the investment bank will be forced to wait until the liquidation of the Shield fund to recover some of those funds. Macquarie says investors will receive back 100 per cent of the money they put into Shield by the end of September. As part of the deal, ASIC is not seeking civil penalties against Macquarie Investment Management, despite admissions it breached the Corporations Act. The collapses of the Shield and First Guardian schemes have exposed deep holes in Australia’s $4.3 trillion superannuation system. The federal government’s now considering policy changes to ensure the same thing doesn’t happen again. Assistant Treasurer Daniel Mulino says he wants to strengthen regulations.
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