Macquarie CEO Reflects on Lessons from Shield Master Trust Collapse
Shemara Wikramanayake, CEO of Macquarie Group, acknowledged that the financial giant has gained valuable insights following the Shield Master Trust collapse. In response, Macquarie quietly reinstated 40 funds on its super wrap platform, which had been previously removed due to the incident.
Initial Fund Removal and Market Reaction
Last month, Macquarie removed 243 funds from its platform amid increasing regulatory concerns that its customers might be adversely affected by the Shield Master Trust failure. This move upset several well-known Australian fund managers.
Reinstatement of Funds
Recently, Macquarie reduced the number of removed funds by reinstating a selection from several respected managers:
- Allan Gray: 4 funds fully reinstated
- Orbis: 1 fund fully reinstated
- Milford: 2 funds fully reinstated
- Acadian: 4 funds fully reinstated
- Baillie Gifford: 1 fund fully reinstated
- Lazard: 9 funds fully reinstated
- Vanguard: 1 fund fully reinstated
- WCM: 2 funds fully reinstated
Additionally, some funds were partially reinstated from:
- VanEck: 9 funds
- Global X: 4 funds
- BetaShares: 2 funds
- Zurich: 1 fund
"The financial services giant has learnt lessons from the Shield Master Trust collapse," stated Shemara Wikramanayake.
This cautious approach reflects Macquarie’s commitment to addressing regulatory issues while restoring confidence in its superannuation platform.
Author’s summary: Macquarie CEO admits the company has learned from the Shield Master Trust collapse, leading to the cautious reinstatement of 40 selected funds to its super platform, balancing regulatory concerns and client interests.