Wachovia's Evergreen Investments unit is leveraging a recent acquisition to launch a large cap value fund. Newport Beach, California-based Metropolitan West Capital Management (MetWest Capital), an affiliate Evergreen purchased in March, will be the advisor to the new fund. The fund is the first launched since the deal for MetWest Capital closed in June.

"Leveraging the tenure, experience and track record of the MetWest Capital team, we are pleased to bring to the retail marketplace a large cap fundamentally-driven intrinsic value mutual fund," said Dennis Ferro, president and chief executive officer, Evergreen Investments.

MetWest's Howard Gleicher, the firm's chief investment officer and CEO of the affiliate, is the The Evergreen Large Cap Intrinsic Value Fund's lead stockpicker. Gary W. Lisenbee, senior vice president, David M. Graham and director of research, Jeffrey Peck are also members of the investment team. The will follow a focused strategy and invest in only about 40 stocks at any one time. The portfolio's performance will be benchmarked against the Russell 1000 Value Index.

Lisenbee said that the fund will leverage the distribution, marketing and sales support of Evergreen to gain entry to multiple channels, including retail, institutional, and high net worth separate accounts.  

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