Both funds seek capital appreciation. Evermore Global Value Fund invests in securities from markets around the world, including US markets and Evermore European Value Fund invests in securities from European markets.

The mutual funds will be managed by David Marcus, who previously managed assets for Franklin Mutual Advisers and Jae Chung, who previously managed assets for Franklin Mutual Advisers and Davis Advisors.

Evermore Global Advisors seeks to identify investment opportunities through research and analysis of individual companies. The funds will generally invest in mid- and large capitalization companies with market capitalization values greater than $1.5bn and will typically hold its equity investments (other than investments in merger arbitrage situations) for substantial periods of time (more than one year).

David Marcus, co-founder, chief investment officer and lead portfolio manager of the Evermore Funds, said: “We look for sound companies we believe are trading at deep discounts to their intrinsic values with strategic catalysts in place that should unlock those values. Our approach also allows us to tactically seek to take advantage of merger arbitrage, distressed debt and short selling opportunities: activities more typically associated with hedge fund investing.

“As part of our active value approach, we intend to engage with the companies we invest in. We will be involved investors who get to know companies’ managements and their businesses and who bring to bear our extensive business and operating experience in evaluating investment opportunities.”

Eric LeGoff, co-founder, president and chief operating officer at Evermore Global Advisors, said: “The Evermore Global approach is both timely and differentiated and is supported by a robust and well-resourced infrastructure. We have built high quality systems for order management, compliance, portfolio management and accounting. Although we often look at complex investment opportunities, our mission is simple to provide our investors with superior, risk-adjusted returns over time.”