Various copper- and silver based alloys with different compositions in the ternary Fe-Co-Ag and Fe-Co-Cu system were synthesized by powder consolidation and subsequent high-pressure torsion deformation. In spite of the positive heat of mixing of the alloy constituents, a complete dissolution of the minority phases (iron and/or cobalt) into the copper or silver lattice might occur in the as-deformed state. The structural evolution was thus studied as a function of the strain by means of scanning electron microscopy, transmission electron microscopy and X-ray diffraction. Additionally, the influence of initial ball milling of the alloy constituents on structural evolution during high-pressure torsion was studied. The interest in these materials stems from the magnetic properties of the alloys, i.e. the giant magnet resistance effect, which occurs due to iron and/or cobalt precipitation during annealing in the copper- or silver matrix. Hence, first measurements of magnetic properties of the alloys were further conducted.