Four former partners of New York-based asset manager Arnhold & S Bleichroeder Advisers have formed International Value Advisers, a firm that will manage global assets for institutions and high net worth individuals.

Charles de Lardemelle, Simon Fenwick, Michael Malafronte and Lawrence Borsanyi were previously senior vice presidents of ASB's Global Value team before they left in September.

Working under Jean-Marie Eveillard and Charles de Vaulx, the team managed approximately $40 billion in assets, including the First Eagle Global, Overseas and US Value mutual funds, as well as separate accounts and other domestic and offshore funds, including the SoFire Fund.

Mr de Lardemelle said that the new firm, which will begin operations in New York in February, will look for discounted stocks and will consider investing in cash and precious metals as a hedge against inflation and the weakening US dollar.

"We think that there is a lot of demand out there for experienced management professionals for investing with low risk strategies," said Mr de Lardemelle, chief investment officer and partner at the new firm.