30.5% KPMG projections in the report show that by 30 June 2021, industry funds will have overtaken SMSFs and, by 2025, will represent 36 percent of the market. The report says that seven mergers have been announced since 30 June 2020 and many more are in discussions. when the current merger activity completes, based on 30 June 2020 data, 76 percent of AUM and 77 percent of member accounts will be managed by the top 12 funds / providers with AUM >$50bn and 47 percent of AUM and 43 percent of member accounts will be managed by 5 $100 billion + ‘mega funds’ [QSuper/Sunsuper/PostSuper, AustralianSuper, IOOF & MLC, Aware Super, AMP] Linda Elkins said: “The Your Future, Your Super package will further shape the reforms envisaged in the Royal Commission report. The potential effect of stapling a member to their existing super fund is expected to provide some funds a significant challenge attracting new members. For many funds, meeting rising member expectations will lead to increased costs and the challenge is to find more sustainable ways to operate.”