KAZ Computer Services has hooked up with a number of super funds to develop a global super-annuation management software product.

KAZ Computer Services has hooked up with a number of super funds to develop a global super-annuation management software product.

Under the agreement, signed with three as yet unnamed Australian super funds and Shearpond, KAZ will retain 22.5 per cent ownership interest in the product and have exclusive marketing rights in all markets, both within and outside Australia.

The super product will cover accumulation products, defined benefit schemes and pension capa-bilites.

KAZ managing director Peter Kazacos says most existing superannuation software has been su-perceded by changes in systems.

"Our research shows there is a high level of demand for a new standard of software because most of the existing industry specific software is dated and unable to fully support expanding require-ments of growing businesses,” he says.

The development of the software over the next 18 months is budgeted at more than $15 million. On completion, the three unnamed super funds will begin using the system for their collective 500,000 members.