Macquarie Investment Management Ltd (MIML) has today undertaken to repay thousands of people who invested hundreds of millions of dollars from their retirement savings in the collapsed Shield Master Fund (Shield).

The Australian Securities and Investments Commission (ASIC) began proceedings in the Federal Court against MIML, a subsidiary of the Macquarie investment bank, following admissions that it did not act efficiently, honestly and fairly by failing to place Shield on a watch list for heightened monitoring. 

The corporate watchdog also accepted a court-enforceable undertaking from MIML to ensure Macquarie pays to members 100 per cent of the amounts they invested in Shield less any amounts withdrawn.

ASIC said, as superannuation trustee, Macquarie Investment Management Ltd oversaw

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