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At a time when investors all over the world are debating whether the global economy is over the worst, the fund management arm of River Island owner Lewis Trust Group said it believed current equity valuations looked attractive and it wants to take advantage.

The five new funds include a European fund, managed by Caroline Vincent, an Asia Pacific fund, run by Liz Evans, a North American fund with Tim Roberts at the helm and a Japan fund led by Ron Bullivant. It has also launched a Technology fund, which is managed by Alison Hyde.

Julian Lewis, chief executive of Cavendish Asset Management, which has £417m of funds under management, said these areas offered the best opportunity for growth but he stressed the group was not calling the bottom of the market.

Mr Lewis said: "On current valuations we believe equities are offering an attractive point of entry for the medium to long-term investor."

He said Cavendish's fund managers already had expertise in the areas the new funds would invest in through running a number of discretionary and individual portfolios for private clients and institutions.

The North American fund will invest mainly in large and mid-cap stocks.

The European fund will be free to invest across Europe in both emerging and "the more defensive Western economies." But Mr Lewis said initially most of its investments will be in Europe's more established markets.

The Japan fund will invest across different sized companies while the Asia Pacific fund will have a bias towards mid to large caps.

The Technology fund will mainly hold large and mid cap companies but will also invest in some smaller caps.

The funds require a minimum initial investment of £2500. The initial fee is 5 per cent and the fund's have a 1.5 per cent annual management fee.

The intermediary commission is an initial 3 per cent and trail commission is 0.5 per cent a year.

The funds are already open to investment with the exception of the Asia Pacific fund, which will be launched in the summer.

Darius McDermott, managing director of London-based IFA Chelsea Financial Services, said: "The fact that they are expanding their range in this time does confirm they are believers in equities."

But he said he had not heard of the managers and would not be putting any money into the funds without a track record.

He said: "It is a small group looking to expand their range and I think they will struggle to raise money in this climate."