Fast growing industry super funds lose their roots
The larger industry superannuation funds are evolving into active, public offer funds. This makes them like retail funds, only the industry funds are not for profit. The bigger the funds get and the further they grow from their roots – the more members they attract or acquire through mergers or by attracting corporate or retail fund members – the weaker that mutuality of interest will become. And while the mutual funds will remain mutuals, as they outgrow their founding communities they may lose accountability.