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Shield Master Fund terminated, new receivers for Keystone Asset Management
Financial Standard
|May 05, 2025
The Shield Master Fund (SMF) has been terminated while its responsible entity Keystone Asset Management (KAM) has been appointed a new receiver and administrator.
The troubled SMF was terminated on April 10 after the new receiver, Alvarez & Marsal, the third liquidator to take over the case in eight months, determined this was in the best interests of unitholders.
"KAM is in liquidation, no suitable replacement responsible entity of the SMF has been identified to date throughout the administration and liquidation of KAM and it is unlikely that a suitable replacement responsible entity of the SMF will be found," Alvarez & Marsal said.
KAM invested a significant amount of SMF funds into the Advantage Diversified Property Fund (ADPF).
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