Australia’s retirement fund industry is set to be dominated by $100 billion-plus “mega-funds,” according to a new report from auditing giant KPMG. The superannuation industry is undergoing a period of consolidation that will see the creation of 12 super funds, with each managing over $50 billion in assets. In 2019-20, five mergers were announced between existing super funds, and from June 2020, a further seven tie-ups are expected. Together the 12 funds to emerge will control 76 percent of managed assets in Australia, and 77 percent of member accounts, according to KPMG’s Super Insights 2021 report. Of those funds, five will become “mega funds” controlling over $100 billion in assets, including the QSuper-Sunsuper tie-up, Australian Super, the IOOF-MLC merger, Aware Super, and AMP. “Mega funds” will control 47 percent of managed assets in Australia and 43 percent of member accounts. Linda Elkins, KPMG national sector leader of asset and wealth …