The $650 million Connect Super has terminated its core Australian equities mandate with Challenger and committed $35 million to a Sydney-based boutique.

In a direct transition, Northcape Capital now manages Connect’s core Australian equities allocation in the $152 million domestic equities portfolio, Séan Leonard, chief executive of the industry fund, said.

Leonard said Northcape’s ownership structure, in which the four co-founders are also the portfolio managers, and the manager’s decision making process, were appealing.

“Their recent track record is also good,” Leonard added.