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Friday, February 19, 2010

David Marcus Returns to the Mutual Fund World

Reported by InvestmentWires Staff, 

Taking a page from the playbook of his former boss Michael Price, ex-Franklin Mutual portfolio manager David Marcus debuted two funds from his new firm, Evermore Global Advisors. The Evermore Global Value Fund and Evermore European Value Fund both carry expense ratios of 99 bps for A, I and C shares.

David Marcus
Evermore Global Advisors
Co-Founder, CIO and Lead Portfolio Manager
Launched last December 31, the funds are available through Pershing's platform. "We expect to be on Fidelity's Institutional Funds Network, Schwab OneSource and TD Ameritrade's Institutional platforms by the end of this month," said Lily Simo, head of marketing and shareholder services.

The funds use U.S. Bank as custodian, U.S. Bancorp Fund Services as administrator, Bingham McCutchen LLP as counsel and Ernst & Young as the independent registered public accountant.

Price is one of three people on the Evermore's advisory board. The two others are Michael Lipper, founder and president of Lipper Advisory Services and former SEC chair Harvey Pitt.

Going from mutual funds to hedge funds and now back again to mutual funds, Marcus co-founded Summit, New Jersey-based Evermore with fellow Franklin alum Eric Legoff last June. Half of Evermore's eight-person team are Franklin alums.

In early 2009, before the market rally, Marcus got together with Legoff. "When we looked back at the business Michael Price built in the '70s, '80s and '90s, it's a fantastic business model," Marcus said. They then decided to take a page out of Price's playbook.

"Our approach is active value," Marcus added. "We tend to engage with the businesses we invest in."

Marcus joined Mutual Series Fund as an intern in 1987. He went on to become a research analyst, eventually rising to become a portfolio manger of the Mutual European Fund and co-portfolio manager of the Mutual Shares Fund and Mutual Discovery Fund. By the time of his departure in 2000, he was managing more than half of the firm's assets.

That year, Marcus started Marcstone Capital Management, a long/short European-focused equity manager. Two years later, he closed it after Marcstone's lead investor passed away. In 2003, Marcus co-founded Stonebrook Partners, LLC, the family office of the Stenbeck family. Then in 2004, he founded MarCap Investors LP, serving as managing partner and investment manager of a European small cap special situations fund and all-cap global fund.

Marcus' latest venture got its name from legendary Wall Street trader Jesse Livermore's Long Island mansion, Evermore.

"I read his bio many years ago and I thought of the name," Marcus said. 

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