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Summary

Shield is an investment option that was previously available on the Macquarie wrap platform. A wrap platform is a place where investments can be held in one place and managed by clients and their advisers. It simplifies the administration of your portfolio for you and your adviser.

When your adviser was selecting and recommending the investments for you, they invested your funds in Shield.

In early 2024, the corporate regulator, the Australian Securities and Investments Commission (ASIC), publicly raised concerns about Shield and its underlying investments.

This led to regulatory actions, and eventually liquidation. The Federal Court found that there appeared to be significant mismanagement of investor funds in Shield.

Macquarie has undertaken to ASIC that it will return 100% of the net capital for those who invested in Shield through the Macquarie wrap platform. Your net capital investment is the amount of money you’ve invested in Shield, less any amounts you’ve withdrawn. 

The payment from Macquarie means you’ll no longer have to wait for a complex liquidation process which may take a number of years.  

Macquarie will return 100% of your original investment in two payments. Firstly, we’ll purchase your holdings in Shield at the current fair value, which is based on the estimated ultimate recovery from the liquidation process. Secondly, we’ll make a goodwill payment which will cover any difference between the fair value at which we purchased your Shield holdings and the net capital you invested in Shield.

Through acquiring your holdings, Macquarie, not you, will now take on the risk that they can’t be accessed for some time and a portion of them won’t be recovered.

Macquarie’s decision to devote resources to achieve this outcome for investors recognises Shield’s unique circumstances and the impact it has had on you, as well as your limited ability to extract any payments from the other parties which played a role in Shield. By returning 100% of your net capital investment, we hope to give you peace of mind and certainty.

Actions taken by regulators and courts

Key events:

  • 7 February 2024:  the Australian Securities and Investments Commission (ASIC) placed interim stop orders on Shield investments. This means Keystone was no longer allowed to offer, issue, sell or transfer interests in Shield investments.
  • In April 2024: Keystone stopped processing requests from investors to withdraw their funds
  • 18 June 2024: the Federal Court froze Shield’s assets
  • 26 June 2024: The court appointed Jason Tracy and Luca Palaghia from Deloitte to take control of Shield's bank accounts and review its financial position.
  • 27 August 2024: The court made Mr. Tracy and Ms. Palaghia responsible for managing Shield’s assets. They were tasked with:
    • securing Shield’s assets
    • investigating how investor money was used
    • recovering funds for investors.
  • 5 September 2024: The court expanded their role to include managing Keystone’s operations.
  • 2 December 2024: A meeting was held to decide Keystone’s future. Creditors were given three proposals as alternatives to liquidation. Deloitte reviewed these options and recommended liquidation because the proposals offered low returns and high risks.
    A majority of creditors, including Macquarie, voted to liquidate Keystone. Jason Tracy and Glen Kanevsky (now with Alvarez & Marsal) were appointed as liquidators to handle this process.
  • 25 September 2025: Macquarie and the corporate regulator ASIC announced that Macquarie will return 100% of the net capital you’ve invested in Shield.

Unit prices

The last unit price Macquarie received for Shield was on 3 April 2024. Since then, no updated pricing has been provided. Because of the time that has passed and uncertainties about Shield’s value, the last unit price is no longer reliable.

The net capital investment is the amount you originally invested in the Shield Fund investment option, less any distributions you received or withdrawals made. It will be different to the value of the Shield units on your last statement, which was based on valuation information provided by the issuer of the Shield Fund, which we now know was not reliable.

Questions?

If you’d like to speak to us about the above summary, you can contact Macquarie via:  

Email: wrapkeycontacts@macquarie.com

Phone 1800 095 568

Investors can also contact the receivers and voluntary administrators with any queries by emailing shieldinvestors@alvarezandmarsal.com.

About this page

Last updated

This page was prepared on 18 July 2024 and last updated on 25 September 2025 to include information about Macquarie’s payment to investors through its platform.

Understanding your account

The role of an adviser

A financial adviser's role is to provide you with advice to help you achieve your financial objectives.

Depending on what your goals are, the advice you receive may vary but can commonly include conversations around investment strategies, superannuation, retirement planning, taxation and insurance.

As a Macquarie Wrap account holder, your financial adviser assisted you in opening a Macquarie Wrap account, which gives you and your adviser access to a range of investments and the transparency of online reporting.

Please note: Macquarie Wrap doesn't provide financial advice. Your financial adviser is independently licensed.

About a Macquarie wrap account

Macquarie Wrap is an investment platform designed to house all your investments in one place. With Macquarie Wrap, you and your adviser have access to a range of investment options across a range of investment types.

The investment options available for clients are issued by a range of financial product issuers. Most of these products are issued by companies that are independent of Macquarie.

This allows you and your adviser to create a portfolio tailored to your specific wealth needs and goals - all in one online portfolio.

Your adviser can buy and sell your investments through the Macquarie Wrap online portal.

Understanding your Macquarie wrap super, pension or investment account

We’ve written a series of Help Centre articles to help you understand more about your account, including how to open and use a Macquarie Wrap account.

Read our Help Centre articles online here

About the Macquarie Superannuation Plan

The Macquarie Superannuation Plan is a choice fund, which means Macquarie Investment Management Limited (MIML) as the Fund’s Trustee, does not make investment decisions on your behalf.

The Macquarie Superannuation Plan investment menu provides access to a range of investment options on the Macquarie Wrap platform. Most of these investment options are issued by companies that are independent of Macquarie.

Macquarie Superannuation Plan members and their independent financial adviser tailor their own individual portfolios by selecting investments from this menu.

More information about your superannuation or pension account

Our ’Product information' webpage gives you access to important information about your accounts, including offer documents, Significant Event Notices (SENs), member outcomes assessments, Annual Member Meeting resources and other materials published by the Trustee.

Access the page here

Investment menu news

We provide regular updates relating to investment options available through Macquarie Wrap. This is to help investors make more informed decisions about the investments they hold and their future investment approach.

Access recent investment menu news here

About the Shield Master Fund

About the Shield Master Fund

The Shield Master Fund (ARSN 650 112 057) (Shield) is a registered managed investment scheme that began operating in 2021.

Keystone Asset Management Ltd (AFSL 491 477) (Keystone) is the responsible entity for Shield.

Certain classes of the Shield fund were available via the Macquarie Wrap investment menu from February 2022 to 16 June 2023.

Macquarie’s communications to clients and advisers

Macquarie has sent several communications to clients and advisers about Shield. Please see the following important communications.

DateTopic
25 March 2024Downgraded investment grading
8 April 2024Keystone's notice to members
13 May 2024Significant Event Notice
21 June 2024Investment update
18 July 2024New webpage for clients invested in Shield
26 September 2024

Federal Court order information

28 November 2024Deloitte’s Significant Event Notice to unit holders
18 December 2024Outcome of creditors' meeting on 2 December 2024
11 April 2025Changes in the administration of Keystone
25 September 2025Significant Event Notice/Material Event Notice

Understanding the value of your investment

When you invested in Shield via the Macquarie Wrap platform, you gained an exposure to ‘units’ in the fund.

Each unit has a price, and that price is determined by the value of the assets held in Shield, divided by the number of units issued to investors. This is calculated by Keystone.

We republish unit prices for Shield (and all investments we offer) via the Portfolio Valuation page in Macquarie Online.

The last unit price Macquarie received from Keystone was determined as at 3 April 2024. We have not received any further pricing information from Shield since this date.

Due to the time between the last unit price date and uncertainty surrounding the financial position of Shield, the true value of a unit will have changed. This is likely to impact the value of your investments in Shield. The last unit price is not a reliable measure of what an investment in Shield is now worth.

In its Significant Event Notice published on 22 November 2024, Deloitte has said that an up-to-date unit price for Shield can’t be provided at this time, as the value of a number of the underlying assets of Shield can’t be independently verified, and estimated values can’t be given with any level of certainty. Therefore, the value disclosed in your most recent account statement could not be relied upon, as noted on your statement.

Macquarie is buying investors’ holdings at their fair market value. This means, the price we’ll pay for your holdings is what we believe your investments are currently worth based on the information we’ve received from the liquidators.

Withdrawing your money

From 30 September 2025, after Macquarie has bought your holdings from you, you can access the funds in your account again.

You generally won’t be able to withdraw money from a superannuation account unless you’ve met a ‘condition of release’, as defined by superannuation law, but you can roll it over to another super fund. You can read more about conditions of release on the ATO website online here.

Information from ASIC

You can find out more information about Shield on the ASIC website.

Customers wishing to contact ASIC to provide information that may be useful for ASIC's investigation can this via email at shield.queries@asic.gov.au.

Information from the liquidators and receivers and managers

Alvarez & Marsal has established a webpage dedicated to the Shield Master Fund.

Support

How to contact us

If you have invested in Shield through Macquarie’s wrap platform and want more information about your investment, you can contact Macquarie via:

Please note that Macquarie is not able to provide legal or personal financial advice.

Financial hardship

You may be experiencing financial hardship. Please see the following options available to you if you are experiencing financial hardship.

Speak with an independent financial counsellor for free
Contact the National Debt Helpline (NDH) on 1800 007 007 (9:30am to 4:30pm, Monday to Friday). The NDH may not be able to assist with your account specifically.

Find a financial counselling agency

Use the map on ASIC’s Moneysmart website to find a financial counselling agency.

If you are experiencing distress and would like to speak to someone, further support is available at:

Speak with us to discuss withdrawing your superannuation benefits early where you meet a condition of release.

You can apply to access your superannuation early where you meet a condition of release, such as severe financial hardship. However, while Shield assets are frozen, we’ll only be able to give you access to the portion of your account that’s not invested in Shield.

Please call us on 1800 095 568 if you want to discuss the requirements for an early release of your superannuation.

You can also read our Help Centre article ‘Accessing superannuation early’ to learn more.

How to find a new financial adviser

If you’d like help finding a new adviser, please visit moneysmart.gov.au/financial-advice/choosing-a-financial-adviser.

Not all advisers will use Macquarie’s products and services, and some Macquarie products can't be offered by all advisers. Please speak with any prospective adviser about the support they can offer.

Complaints

If you have concerns about your financial adviser's recommendation that you invest your Macquarie Wrap account in Shield, you can lodge a complaint at the places below.

If your advice was provided by Venture Egg or Rhys ReillyYou can lodge a complaint by email at Compliance@interprac.om.au or by telephone at (03) 9209 9777
If your advice was provided by MWL Financial ServicesYou can lodge a complaint via email at admin@mwl.com.au or by telephone:

If you’d like to raise a complaint about Macquarie’s handling of this matter, you can:

The Complaints Manager
Macquarie Wrap
GPO Box 4045 Sydney NSW 2001

If you’ve raised your concerns with us and aren’t satisfied with the proposed outcome or you believe that we haven’t resolved your complaint fairly, you can request to have your complaint reviewed free of charge by the Australian Financial Complaints Authority (AFCA). AFCA provides free independent financial services complaint resolution for retail and small business complaints.

Please note that AFCA is bound by certain rules and your complaint may or may not fall within its jurisdiction.

To raise a complaint with AFCA, you can:

Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001

Educational resources

Financial Information Service (FIS)

Provided by Services Australia, the FIS is a free service to help you understand financial matters and make informed decisions about your finances.

You can watch videos and access contact information to speak with a FIS Officer on their website.

Visit the FIS website here

Frequently Asked Questions

The Macquarie Superannuation Plan

 QuestionResponse 
 What type of super fund is the Macquarie Superannuation Plan?

The Macquarie Superannuation Plan is a choice fund, which means Macquarie Investment Management Limited (MIML) as the Fund’s Trustee, doesn’t make investment decisions on your behalf.

The Macquarie Superannuation Plan investment menu provides access to a range of investment options on the Macquarie Wrap platform. Most of these investment options are issued by companies that are independent of Macquarie.

Members and their financial adviser tailor their own individual portfolios by selecting investments from this menu.

 
 Where can I find important updates about my superannuation or pension account?

You can find all important information about our superannuation and pension products, including offer documents, Significant Event Notices (SENs), member outcomes assessments, Annual Member Meeting resources and other materials published by the Trustee on our website: macquarie.com.au/wrap-product-info.

For Shield-specific information, you can go to our dedicated webpage: macquarie.com.au/investing/shield.

 
 Where can I find out more information about the investment options available through Macquarie Wrap?

We provide regular updates relating to investment options available through Macquarie Wrap. This is to help investors make more informed decisions about the investments they hold and their future investment approach.

Access recent Investment menu news here.

 
 Where can I find my Macquarie wrap account balance? / Has my Macquarie wrap account balance fallen?

You can view your account balances for Macquarie Wrap:

  • In Macquarie Online Banking – See your account balances on the home page once you’ve logged in.
  • In the Macquarie Mobile Banking app – See your account balances on the home page once you’ve logged in. You can also view your account balances via a ‘Quick view’ feature that shows you a snapshot of your account balances without you having to log into the app. Select the settings icon at the top of your account list and select Quick view. You can modify or turn off quick view by repeating this process.

Refer to our Help Centre for instructions.

 
 Can I roll over my benefit to another super fund?

Yes, you can give us instructions to roll over your superannuation benefits to another fund. However, the Shield investments you currently hold can’t be rolled over. Once we’ve swapped your Shield holdings for cash (on or before Tuesday 30 September 2025), you can roll over your entire account balance to another fund.

To do this, you need to send us a completed Withdrawal/rollover form, which you can find under macquarie.com.au/wrap-forms.

 

Payment(s) and tax treatment

 QuestionResponse 
 Why is Macquarie reimbursing for Shield?

Our decision to devote resources to achieve this outcome recognises Shield’s unique circumstances and the impact it has had on investors.

By returning your net capital investment, we hope to give you peace of mind and certainty around the outcome for you, without having to wait until the liquidation process is complete.

 
 The communication you sent me says that I’m getting back my net capital investment. What does that mean?

The net capital investment is the amount you originally invested in the Shield Fund investment option, less any distributions or withdrawals. It doesn’t include any market movements (gains or losses).

 
 

Why is part of the money going into a separate account?

Why are there two payments? 

Macquarie has decided to return 100% of the net capital you’ve invested in Shield through our platform.

We’ll make two payments to you.

  • The first one will be deposited into the Cash Hub of your superannuation or pension account (cash account linked to your investment account for IDPS clients). This amount reflects the current fair market value for your Shield investments, which we’ve determined based on information from the liquidators, in exchange for your holdings in Shield.
  • The second payment is a goodwill payment from Macquarie. This will be paid into a new Cash Management Account (CMA) we’ll open for you.

The total of the two payments will be equal to 100% of your net capital investment in Shield.

 
 

Why have you opened a CMA for this payment?

Why didn’t you pay it into my existing Macquarie CMA account?

The fastest and most secure way for Macquarie to make the payment(s) to you was by opening a new CMA account. However, once the account is open, you can transfer the money out of your account and close it.

 
 

What is a CMA account?

A Macquarie Cash Management Account, or CMA, is a digital transaction account that serves as a hub for managing your investments, receiving deposits, and paying expenses. It's designed for customers to manage cash flow and earn interest on their balance. You can read the terms and conditions of our CMA here.

 
 

Will both amounts be received at the same time?

Yes, both payments will be made on or before Tuesday 30 September 2025.

 
 

What is the timeframe and how long will it take?

Payments will be made by Macquarie on or before Tuesday 30 September 2025.

As you’ll be receiving 100% of your net capital investment back, you no longer need to wait for the liquidation process to be completed.

 
 Why are you paying more for holdings in one class than in the other classes?

The fair market value is based on information provided by the liquidators and is different for each class within the Shield Fund.

The Conservative Class, Balanced Class, Growth Class and High Growth Class of the Shield Master Fund have different underlying investments and have therefore different returns based on the values of those underlying investments.

Note that Macquarie is paying you 100% of the net capital you invested in Shield.  Therefore, regardless of which class of Shield you invested in, Macquarie is making up the difference between the fair value at which we purchased your Shield holdings from you and the net capital you originally invested in Shield. 

 
 What if I want to wait to see the outcome of the liquidation process (i.e. if the Liquidator recovers more than expected)

The liquidation process is complex and may take several years, and the outcome for investors is uncertain.

With our two payments, we’re putting you back in your original cash position before investing in Shield, which we believe is a better outcome for you than waiting for the outcome of the liquidation process, where you would likely only receive the current fair market value for your holdings.

Our goodwill payment makes up for the difference between your original net capital investment and the current fair market value.

If additional funds are recovered by the liquidators, we’ll assess further payments and communicate with you in due course.

 
 Do I need to sign a transfer deed to pass ownership of my holdings to MIML?No, MIML is taking this action on your behalf. 
 Will there be any tax implication for my super account?We recommend seeking personal tax advice about this payment, as well as advice from a licensed financial adviser. 
 If I’ve already submitted a closure request, will you automatically roll the funds over to the new fund?No, as we’re buying your holdings in Shield from you, and they’re currently in your super/pension account, we need to deposit the payment into that account. However, you can roll it over into your new fund once we’ve made the payment. 
 Can I withdraw the funds from the CMA (cash) account, even if I haven't met a condition of release?

Yes, you can withdraw money from the new CMA account. Because it’s a goodwill payment from Macquarie, rather than superannuation money, it’s not subject to the preservation rules that apply to super.

If you wish to reinvest all or part of this cash into superannuation, we recommend seeking personal tax advice about this payment, as well as investment advice from a licensed financial adviser.

 
 How was the payment calculated?

The total of the two payments will be equal to 100% of your net capital investment in Shield. 

  • This first part of the payment reflects the current fair market value for your Shield investments, based on the information we’ve received from the liquidators. We’re paying you that amount in return for your holdings in Shield. It will be deposited into the Cash Hub of your superannuation or pension account, or – if you have an investment account - the cash account linked to your investment account.
  • The second part of the payment is a goodwill payment from Macquarie which brings the total you will be paid to 100% of your net investment. This will be paid into a new Cash Management Account (CMA) we’ll open for you.
 
 Can I have the funds paid into a different account or in a different name?No. The fastest and most secure way for Macquarie to make the payment(s) to you was by opening a new CMA account. However, once the account is open, you can transfer the money out of your account and close it. 
 Will this payment count towards my annual concessional or non-concessional contribution caps?

No, we don’t consider that the payment by Macquarie to your account(s) is a personal contribution. However, we recommend that you obtain personal tax advice, as well as investment advice from a licensed financial adviser.

Moving the amount we’ve paid into the new CMA into your superannuation or pension account could count towards your concessional or non-concessional contribution caps. We recommend that you obtain personal tax advice, as well as investment advice from a licensed financial adviser.

 
 What is the tax treatment of this payment? How will I declare this?We recommend seeking personal tax advice about this payment. 
 How do I access my new CMA?

You can access your account through Macquarie Online Banking or the Macquarie Mobile Banking app. For help, visit this Help Centre article (this includes information on Authenticator).

You’ll be considered to have accepted the CMA terms and conditions.

 
 How do I transfer money out my new CMA? (including Authenticator)For help transferring money out of your CMA, please read this Help Centre article. 
 How do I close the CMA account?You can transfer the money out of your account at any time, and close the account. For help with closing your account, you can read this Help Centre article. 
 What is Macquarie Authenticator?

Macquarie Authenticator is our most secure and recommended verification method. It’s a mobile app that allows you to verify certain transactions and account changes when using both Macquarie Online Banking and the Macquarie Mobile Banking app.

Once you've set up Macquarie Authenticator on your device, the app:

  • sends push notifications to your mobile or tablet to approve or deny online transactions and account changes made from your account by you or your financial adviser, and
  • provides codes that are available 24/7 without the reliance of a cellular or data network, overcoming internet or SMS issues when you’re travelling overseas.

You can read more about Authenticator in this Help Centre article.

 
 Will I need to pay income tax on the goodwill payment into the new CMA account? How do I declare this for my tax return?

We recommend seeking personal tax advice about this payment.

If you’re considering reinvesting the money, you should also seek advice from a licensed financial adviser.

If you don't have a financial adviser or are looking for a new financial adviser, you can visit the Australian Government's moneysmart website for guidance on how to choose the right adviser for you.

Note: not all advisers will use Macquarie’s products and services. Please speak with any prospective adviser about the support they can offer.

 
 Where can I find the communications Macquarie has sent to me regarding the Shield Master Fund?

Macquarie has sent several communications to Shield investors (and their advisers). You can find a sample of each one here.