A wave of mergers will lead to the creation of a dozen mega super funds within four years, as the prudential regulator piles pressure on small funds to exit the $3.3 trillion sector.
The findings, from a report by KPMG, come just one day after the Australian Prudential Regulation Authority publicly demanded a small underperforming industry fund – EISS Super – merge with a larger partner.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
