Bloomberg News

Legg Mason’s Miller to Exit Main Fund After Falling Behind Peers

November 18, 2011

Nov. 17 (Bloomberg) -- Bill Miller, the Legg Mason Inc. manager known for beating the Standard & Poor’s 500 Index for a record 15 years through 2005, will step down from his main fund after trailing the index for four of the past five years.

Miller, 61, will be succeed by Sam Peters as manager of Legg Mason Capital Management Value Trust from April 30, Baltimore-based Legg Mason said today in an e-mailed statement. Miller, who has been a manager of Value Trust since its 1982 inception, in 2010 named Peters, a former Fidelity Investments stockpicker who joined the firm in 2005, to become his co- manager and eventually his successor. Miller will remain chairman of the Legg Mason Capital Management unit.

To contact the reporter on this story: Sree Vidya Bhaktavatsalam in Boston at sbhaktavatsa@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net


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