Shield Master Fund Update Super Simplifier Superannuation Members

Equity Trustees provides the information on this page (including updates) in good faith as of the stated date of publication. While we make every effort to provide up to date and accurate information, we accept no liability for any errors or omissions or to update past information.

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Shield Master Fund Background

Date of publication: 31 January 2025

Shield Master Fund (Shield) was a registered managed investment scheme listed on the following superannuation platforms:

Macquarie Wrap
NQ Super (subsequently transferred to FoC)
Super Simplifier

Equity Trustees is the trustee for both FoC (which is a division of the AMG Super Fund) and Super Simplifier.

Shield was issued by Keystone Asset Management (Keystone). Keystone was also the Responsible Entity for Shield, which had reported Shield funds under management of $326 million at the end of the 2022/23 financial year. CF Capital, a related party of Keystone, was the investment manager of Shield.

In the last week of October 2023 Equity Trustees raised concerns with ASIC about financial advice being provided to members by certain Venture Egg advisers. These advisers were authorised to provide personal financial advice by Interprac Financial Planning Pty Ltd, the holder of an Australian Financial Services Licence. Equity Trustees’ concerns related to the compliance of the advice provided by the Venture Egg advisers with the requirements of the Corporations Act and relevant industry standards It transpired that the majority of Venture Egg’s advice recommended members invest their savings into Shield. Around the same time, Equity Trustees ceased accepting new members from persons advised by Venture Egg.

On 18 December 2023 SQM Ratings downgraded the rating of all classes of Shield to “Hold". On 19 December 2023 Equity Trustees immediately stopped all new flows into Shield, and on 10 January 2024 removed it from the Investment Menu for NQ Super and Super Simplifier.

Between February and June 2024 ASIC took action to halt new offers of investments in Shield, stop redemptions and appoint Deloitte to approve any payments out of the Shield Fund. Investors have not been able to access the amounts they invested in Shield since February 2024.

ASIC also notified Equity Trustees that it was investigating Equity Trustees’ conduct in relation to Shield, and served us with notices to produce documents and witness examinations of certain current and former staff. The cover letters for the notices stated that “ the notice should not be construed as an indication by ASIC that a contravention of the law has occurred, nor should it be considered a reflection upon any person or entity.” It is too early to determine whether ASIC’s investigation will take any other form.

On Tuesday 27 August 2024 the Federal Court appointed Deloitte as receivers of Keystone and subsequently on 5 September also as Voluntary Administrators.

The issue has received high profile media coverage by both the 7.30 report and The Age and in AFR (both owned by nine.com.au).

There are approximately 2,800 investors in NQ Super and 70 in Super Simplifier who are now not able to redeem their Shield units (valued at an estimated $150 million), and no clarity around the current value of those units. An accurate unit price will not be known for some months (and potentially even years), but it is expected to be substantially negatively impacted. The matter could take some years to resolve.

The Deloitte Administrators held the first meeting of creditors on 9 September 2024. The relevant notice and agenda for the first meeting (which was issued by former Administrators Korda Mentha prior to their removal) is available from the Deloitte Administrators, accessible from their webpage: https://www.deloitte.com/au/en/services/financial-advisory/notices/keystone-asset-management-ltd.html

At the first meeting of creditors, the Deloitte Administrators stated that, at this time, they expect to issue a report to creditors at the end of September, which has occurred. The second (virtual) meeting of creditors was held 2 December 2024

At the second meeting, creditors voted to place Keystone into liquidation. Deloitte were appointed as liquidators and will continue its investigations.

Update as of 10 April 2025

Change of Receiver and Liquidator - The Deloitte partners appointed as Receiver and Manager & Liquidator of Keystone joined Alvarez & Marsal on 2 April 2025.

As a result, from that date all communications relating to the receivership and liquidation of Keystone will be with Alvarez & Marsal (Receiver/Liquidator). These changes will not impact the ongoing role and actions of the Receiver / Liquidator.

You can find out more information about the receivership and liquidation of Keystone at https://www.alvarezandmarsal.com/am_aus_insolvency/keystone-asset-management-ltd

Decision to wind up Shield – effective 10 April 2025, the Receiver/Liquidator has decided to wind up Shield.

Keystone and the Receiver/Liquidator will continue to collect and realise Shield assets, pay out Shield’s liabilities and distribute the net proceeds in accordance with applicable law, including to members who hold units in Shield. Keystone may also pay interim distributions to members who hold units in Shield during the winding up process if there is sufficient liquidity. On completion of the winding up, a final distribution will be made. All units in Shield will then be cancelled.

You should read the Receiver/Liquidator SEN (accessible via the following link - https://www.alvarezandmarsal.com/am_aus_insolvency/keystone-asset-management-ltd) for more information and for contact details for any questions.

Update as of 3 September 2025

ASIC civil proceedings against ETSL: On 26 August, ASIC filed civil proceedings against ETSL in respect of Shield in the Federal Court.

ASIC’s claim alleges that in respect of Shield Master, ETSL failed to meet the due diligence, monitoring and testing standards that ASIC considers should apply when a superannuation trustee makes a new investment product available for selection, or permits increased exposure to an investment product, by members and their financial advisers on a superannuation platform.

ETSL is considering ASIC's claim carefully and will respond on the substance of the claim in due course.

ETSL has fully cooperated with ASIC’s investigations to date and continues to support impacted members by taking steps to maximise their recoveries from the liquidation process.

Equity Trustees is also providing regular updates and offering access to confidential counselling and wellbeing support to all impacted members.

Key Communication Dates

Updated as of 31 January 2025
First Significant Event Notice (SEN) sent dated 25 June 2024 - VIEW HERE
Second Significant Event Notice (SEN) sent dated 12 August 2024 - VIEW HERE
Third Significant Event Notice (SEN) sent dated 16 September 2024 - VIEW HERE
Fourth Significant Event Notice (SEN) sent dated 19 December 2024 - VIEW HERE
Fifth Significant Event Notice (SEN) sent dated 17 September 2025 - VIEW HERE
Liquidator - Deloitte SEN’s
First Significant Event Notice (SEN) from Deloitte sent dated 22 November 2024 - VIEW HERE
Second Significant Event Notice (SEN) from Deloitte sent dated 13 December 2024 - VIEW HERE
Annual Member Statements – scheduled for November 2024

Frequently Asked Questions

Updated as of 17 September 2025

Equity Trustees provides these FAQs (including updates) in good faith as of the stated date of publication. While we make every effort to provide up to date and accurate information, we accept no liability for any errors or omissions or to update past information.

Between February and June 2024 ASIC took action to stop new investments and redemptions in Shield. In August, Deloitte was appointed as Receiver of Keystone’s assets, and in September Deloitte was appointed as Voluntary Administrator of Keystone with power to approve any payments out of Shield. Investors in Shield have not been able to access their funds since February 2024. Shield is an accessible investment that was available through financial advisers in both the NQ Super and Super Simplifier platforms up until December 2023.

Equity Trustees is trustee of the NQ Super and Super Simplifier superannuation product platforms, which facilitate superannuation investments.
Equity Trustees does not provide personal financial advice in this role. Financial advisors, chosen and appointed by you, use the NQ Super and Super Simplifier platforms to invest your superannuation monies into a range of products that, until December 2023, included Shield. Those investments are made in accordance with a financial plan agreed between you and your adviser.
Equity Trustees has had no role in the management of Shield, an accessible investment that was available as a product option on the NQ Super and Super Simplifier platforms until December 2023.
In late 2023, Equity Trustees became concerned about the compliance of financial advice (including advice about Shield) being provided by certain financial advisers with the requirements of the Corporations Act and relevant industry standards. These advisers were recommending investments in Shield.
Equity Trustees reported the concerns to ASIC, and subsequently refused all new applications from these advisers from December 2023.

In late 2023, Equity Trustees became concerned about the compliance of financial advice (including advice about Shield) being provided by certain financial advisers with the requirements of the Corporations Act and relevant industry standards. These advisers were recommending investments in Shield.
Equity Trustees reported the concerns to ASIC, and subsequently refused all new applications from these advisers from December 2023.
Equity Trustees is working closely with ASIC and the Deloitte Administrators and fully supports their investigations and steps taken by the regulator and Administrators to protect your investment in Shield.
Equity Trustees will notify you about any material updates with regards to Shield that is related to your Super and Pension account with NQ Super or Super Simplifier.

As the Trustee for Super Simplifier, Equity Trustees is required to update you as we become aware of any material change or event related to your super in the form of a SEN. As a result, the following SENs were sent to you upon Equity Trustee becoming aware of material changes:
- First Significant Event Notice (SEN) sent dated 25 June 2024 VIEW HERE
- Second Significant Event Notice (SEN) sent dated 12 August 2024 VIEW HERE
- Third Significant Event Notice (SEN) dated 16 September 2024 VIEW HERE

Equity Trustees will write to you again when we become aware of any further material updates with regard to Shield that is related to your Super and Pension account with Super Simplifier.

The Deloitte Administrators issued a report to creditors at the end of September. It is confidential, but I can tell you that it does not contain a revised unit price indicating the value of your investments at this time. The Administrators have indicated that it will be some time before a revised unit price is able to be issued.
Equity Trustees are working closely with ASIC and the Administrators and fully support their investigations and any steps taken by them protect investor interests.
Equity Trustees will issue a notice, and your online account will be updated, with the updated value of Shield, once the valuation has been completed by the Deloitte Administrators.

Equity Trustees is not able to provide any assurances of that kind. At the time you joined Super Simplifier, you would have received a Product Disclosure Statement from us which contained information in it about the risks of investments. We urge you to read that statement again.
The Deloitte Administrators issued a report to creditors at the end of September. It is confidential, but it does not contain a revised unit price indicating the value of your investments at this time. The Administrators have indicated that it will be some time before a revised unit price is able to be issued.
Equity Trustees are working closely with ASIC and the Administrators and fully support their investigations and any steps taken by them to protect your interests as member of Super Simplifier.
Equity Trustees will issue a notice, and your online account will be updated, with the value of Shield Master Fund, once the valuation has been completed by the Deloitte Administrators.

The Court has suspended redemptions from Shield, meaning your holdings in the Shield investment option cannot be redeemed. You can transfer your remaining Super Simplifier holdings (i.e., those parts of your account invested in options other than Shield) to another superannuation fund of your choice.
Any requests for withdrawal or rollover-out to an external super fund received from you in relation to your account in Super Simplifier will therefore only be processed to the extent that they do not require the redemption of investments in Shield.

Any request received to open a pension account in Super Simplifier will only be processed to the extent that they do not require the redemption of investments in the Shield Master Fund.

If you want to cease the relationship with your existing financial adviser, you should contact your adviser directly. In addition, you should cease the deduction of financial advice fees from your Super Simplifier Super or Pension account by contacting us at supersimplifier@dash.com.au. It is only by contacting us in this way that you can instruct us to cease the ongoing deduction of those financial advice fees from your Super Simplifier Super or Pension account.

You previously authorised deductions of financial advice fees from your account. We continue to deduct these fees and pay them to your nominated financial adviser in accordance with those instructions. You can opt to terminate advice fee payments by giving us instructions in writing, but you will no longer receive advice from your nominated adviser after terminating fee arrangements.
If you have a complaint about the financial advice or other services provided to you by your financial adviser, you should lodge your complaint with your adviser.

No, as you previously authorised deductions of financial advice fees from your account.
We continue to deduct these fees and pay them to your nominated financial adviser in accordance with those instructions. You can opt to terminate advice fee payments by giving us instructions in writing, but you will no longer receive advice from your nominated adviser after terminating fee arrangements.
If you have a complaint about the financial advice or other services provided to you by your financial adviser, you should lodge your complaint with your adviser.

You previously authorised deductions of financial advice fees from your account. We will continue to deduct these fees and pay them to your nominated financial adviser in accordance with those instructions.
On 1 September 2024, Equity Trustees suspended payment of advice fees based on funds in Shield. Accordingly, if you’ve nominated a % based advice fee, those fees will not have been charged on your Shield holdings/investments in your Super account since 1 September 2024. This suspension will remain in place until the Deloitte Administrator releases an updated valuation for Shield, at which time advice fees will be calculated on the updated value of your Shield investment, backdated to 1 September 2024.

Your annual member statement, for the period of 1 July 2023 to 30 June 2024, will be sent to you by 31 December 2024.

You may have had a cold call some time ago from a person purporting to assist you with your super savings. This person might have been an adviser from Venture Egg, a person from a superannuation comparison website who passed your personal and financial details onto Venture Egg, or another person altogether. As a result of these cold calls, certain advisers from Venture Egg have been preparing Statements of Advice recommending that persons (like you) move their superannuation holdings into the Super Simplifier platform and invest those funds into Shield - an accessible investment option available in the Super Simplifier platform.
If you have a complaint about the financial advice or other services provided to you by your financial adviser, you should lodge your complaint with your financial adviser.
On joining Super Simplifier, you would have received a Welcome pack from us. Please check any correspondence you may have received from Super Simplifier or Equity Trustees for more information.

On 18 June 2024, the Australian Securities and Investments Commission (ASIC) commenced a proceeding in the Federal Court of Australia (Court) against Keystone. On 26 June 2024, the Court made certain orders restraining the Shield Master Fund, which affect new contributions, withdrawals, rollovers and redemptions. These orders remain in operation until amended by the Court.

The Court also made orders appointing Deloitte Financial Advisory Pty Ltd (Deloitte) to supervise transactions entered into by Keystone, as well as to prepare a report on the financial position of the Shield Master Fund.

As a result, the suspension of redemptions from the Shield Master Fund remains in operation and will continue to do so until further notice.

Illiquid funds are investments that cannot be quickly converted to cash, e.g., because there is no market on which they can be easily traded. Property investments of the kind in which the Shield Master Fund invested are a type of investment that is often considered illiquid.

The Deloitte Administrators held the first meeting of creditors on 9 September 2024. The relevant notice and agenda for the first meeting (which was issued by the former Administrators Korda Mentha prior to their removal) is available from the Deloitte Administrators, accessible from their webpage: https://www.deloitte.com/au/en/services/financial-advisory/notices/keystone-asset-management-ltd.html

At the first meeting of creditors, the Deloitte Administrators stated that, at this time, they expect to issue a report to creditors at the end of September, which has occurred. The second (virtual) meeting of creditors scheduled for 3 October 2024 has been postponed to 25 November 2024. That date may change.

At the second meeting, creditors will have the opportunity to make decisions about the future of Keystone and the Shield Master Fund.

Important information may also be communicated by the Deloitte Administrators to creditors prior to the Second Meeting.

We will provide updates from time to time via direct communications and this webpage.

Further information may also be made available by the Deloitte Administrators, accessible from their webpage:
https://www.deloitte.com/au/en/services/financial-advisory/notices/keystone-asset-management-ltd.html

• We are unable to provide you with personal financial advice; you can (and we urge you to) obtain personal advice having regard to your personal circumstances.

• If you don’t have an adviser, Moneysmart can help you choose one. www.moneysmart.gov.au/financial-advice/choosing-a-financial-adviser

• If you have a complaint about the financial advice or other services provided to you by your financial adviser, you should lodge your complaint with your adviser and consider obtaining further advice from a different adviser.

The Complaints Officer
Super Simplifier Super & Pension
PO Box 3528
Tingalpa DC, QLD 4173
Ph: 1300 726 008

You can lodge a complaint with us at supercomplaints@dash.com.au

If you're facing financial hardship, it’s important that you get the help and support you need.

If you are a member of super funds impacted by the Shield Master Fund and First Guardian Master Fund investigations, the Equity Trustees’ employee assistance program (EAP) has been expanded to offer free, confidential counselling and wellbeing support to you.

You can book online here: https://accounts.connectpsychservices.com.au/register - once registered, follow the step-by-step instructions (below). Alternatively, you can call 1300 146 386 for further assistance. You will need to insert or reference the company code EMA663.

Step-by-step instructions to access this support::

Step1

Go to Connect Psych portal: https://accounts.connectpsychservices.com.au/ and log in with your credentials

Step 2

Click "Create Booking” (top left corner of the page)

Step 3

Choose your appointment type, live chat, voice chat or video chat.

Step 4

Answer the series of short questions to tell us a little more about you. After you have completed the questions, click "Match Practitioner"

Step 5

Choose a practitioner along with a day and time that suits you. Then confirm.

Step 6

You will receive emails leading up to your appointment, along with a secure link to access your therapist (sent approximately an hour before the appointment)

The EAP services have been arranged by Equity Trustees and are provided at no cost to you or the Fund.

The following organisations may also be able to provide you with assistance

National Debt Helpline www.ndh.org.au is a not-for-profit service that offers free, independent and confidential financial counselling services to help people tackle their debt problems.

Lifeline www.lifeline.org.au provides 24-hour crisis support and suicide prevention. Call 13 11 14.

Beyond Blue www.beyondblue.org.au provides support programs to address issues related to depression, suicide, anxiety disorders and other related mental illnesses.

Moneysmart www.moneysmart.gov.au created by ASIC, helps you take steps to improve your personal finances with impartial guidance and online tools. If you don’t have an adviser, the Moneysmart tool www.moneysmart.gov.au/financial-advice/choosing-a-financial-adviser can help.

If your complaint relates to the personal financial advice given to you by your financial adviser, you may be entitled to compensation under the Compensation Scheme of Last Resort (CSLR).

The CSLR will provide compensation of up to $150,000 to consumers who have received a determination in their favour from the Australian Financial Complaints Authority (AFCA) relating to personal financial advice, and that meet other eligibility criteria, and that determination remains unpaid. A determination in your favour may be unpaid because your financial advisor has become insolvent.

You will first need to lodge a complaint against the financial adviser with AFCA. We encourage you to lodge your complaint with AFCA promptly, in case your financial adviser ceases to be a member of AFCA (eg due to insolvency), which may result in your claim being ineligible for the CSLR.

Visit the AFCA website for information about how to lodge a claim and the CSLR website for more information about the CSLR.

The Trustee based the updated valuation on the Financial Position Report prepared by the liquidators in July 2024 by order of the Federal Court.

The executive summary of the Report is set out in Annexure A to the Significant Event Notice issued by the liquidators on 13 December 2024, which can be accessed here.

There is no intention at this stage to conduct any further valuations.

You cannot withdraw your investments in Shield Master Fund or First Guardian Master Trust as redemptions are frozen by court order and the funds are in the process of being wound up. This means you cannot close your account altogether.

However, you can access funds that you have invested in other products.

You can request a partial rollover for the available funds in your superannuation account should you wish to do so. The available rollover amount is subject to change due to contributions, withdrawals, fees, and investment fluctuations.

Please note, the rules of your fund may require that a minimum balance must be maintained in the cash account to keep the account open. You should also ensure that sufficient funds are retained to maintain any insurance cover that you wish to keep in place. If you meet a condition of release, you may also request a withdrawal.

To review your updated account balance reflecting the updated valuation of your investment in Shield, please log into your member account, contact your adviser, or contact us at supersimplifier@dash.com.au

Last updated: 17 September 2025