The $3.3 billion fund Care Super has terminated a $160 million Australian equities mandate with Challenger.
The fund has appointed Solaris and Industry Funds Management (IFM) to manage the Australian equities mandate.
Solaris will manage $100 million and IFM $50 million.
Paradice Investment Management will pick up the remaining mandate, managing $50 million total with the additional $40 million funded from cash.
The decision to terminate Challenger was due to management changes and poor performance, according to Care Super chief investment officer Greg Nolan.
It is the third mandate termination for Challenger over the last four months.
In March, industry fund Legalsuper also terminated an Australian equities mandate with Challenger. In April, multi-manager ipac terminated Challenger from its Australian shares manager line-up.
Care Super has also entered the credit market sector, appointing Putnam and Stone Tower to each manage a $50 million mandate.
The changes were made in consultation with the fund's asset consultant, Jana Investment Advisers.
