Update to Investors in the Shield Master Fund
On December 2, 2024, Keystone Asset Management was liquidated, and ASIC is investigating advice that led investors to roll superannuation into Shield Funds, with 50-80% of funds potentially lost. Legal assistance is available.
On 2 December 2024 creditors resolved that Keystone Asset Management Ltd (Keystone) (in Liquidation), the responsible entity for the Shield Master Funds (Shield) (Receivers Appointed), be placed into liquidation. Whilst the various Shield funds remain under the management of the receivers (and have not yet entered wind up at this stage) FD Legal understand that ASIC holds significant concerns for the status of funds invested by investors. Current estimates reported by the Administrator of Keystone suggest that between 50% to 80% of investors funds may have been lost.
ASIC has also raised that their investigations to date suggest that potential investors were called by lead generators and referred to personal financial advice providers who advised investors to roll their superannuation assets into a retail choice superannuation fund and then to invest part or all of their superannuation into Shield. The personal financial advice providers reported on the ASIC website include:
- Venture Egg Financial Services
- Reilly Financial
- MWL Financial Services Pty Ltd
- Rebellis Financial Services Pty Ltd
- 5 Point Australia Pty Ltd
- AS Financial Planning Pty Ltd
- STC Financial Pty Ltd
- Next Generation Advice Pty Ltd (in Liquidation).
ASIC’s investigations are ongoing.
If you were advised to invest in the Shield Master Fund by your financial advisor, we ask that you contact Financial Dispute Legal to discuss your circumstances and consider any rights to recover compensation on 1300 433 533 or enquiry@fdlegal.com.au
