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Equity Trustees sued over Shield Master Fund failures
Financial Standard
|September 08, 2025
ASIC has launched civil proceedings against the superannuation trustee after it oversaw the investment of around $160 million into Shield Master Fund.
Equity Trustees will face court over its alleged due diligence failures concerning the Shield Master Fund.
ASIC flagged that as a superannuation trustee, Equity Trustees oversaw the investment of around $160 million of retirement savings into Shield over 2023 and 2024 through its fund.
ASIC deputy chair Sarah Court said ASIC was acting against Equity Trustees as part of its ongoing work to protect members’ superannuation savings.
“Instead of acting as an effective gatekeeper for its members’ retirement savings, ASIC alleges Equity Trustees allowed thousands of members to invest in Shield which had no track record. Those members ultimately saw their super balances eroded,” Court said.
“Superannuation trustees play a critical role helping people save for their retirement. We expect them to do so with care and skill and put the interests of their members first.
“This action should send a clear message to superannuation trustees: proper due diligence is needed when offering investment options for members.”
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