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.
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"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.
