Paradice will manage 10 per cent of the fund, a mandate worth nearly $1.6 million.
As a result of the new appointment, Fortis Investment Management Australia and Quest Asset Partners' mandates have been reduced by 5 per cent.
They now each manage 15 per cent of the total funds under management (FUM).
"As a style-neutral, concentrated big-cap capability, Paradice complements the other existing seven managers," Ventura managing director of funds management Kate Mulligan said.
"Their appointment allows for greater diversity within the fund's exposure and adds an additional alpha source."
The Australian Opportunities Fund has more than $16 million in FUM.
