Macquarie Investment Management has committed to repaying thousands of Australians who invested hundreds of millions of their retirement savings in the collapsed Shield Master Fund (Shield) amid admissions it contravened the Corporations Act.

The Australian Securities and Investments Commission (ASIC) has commenced proceedings in the Federal Court against Macquarie Investment Management after the subsidiary of Macquarie Group admitted that it did not act efficiently, honestly and fairly by failing to place Shield on a watch list for heightened monitoring.

ASIC has also accepted a court-enforceable undertaking from Macquarie Investment Management to ensure it pays members 100 per cent of the amounts they invested in Shield, less any amounts withdrawn. Loading

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