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.

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: 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.  

First Guardian Background

Date of publication: 30 April 2025

Contact 07 3899 7272 for all enquiries.

Key Communication Dates: Shield