Michael Mauboussin, chief investment strategist at the Legg Mason Inc. unit that’s home to Bill Miller, left the firm this week.
Mauboussin, who had been at Legg Mason Capital Management since 2004, departed Jan. 2 and there are no plans to replace him, Mary Athridge, a spokeswoman for Baltimore-based Legg Mason, said today in an e-mail. Mauboussin is promoting his new book “The Success Equation: Untangling Skill and Luck in Business, Sports and Investing” (Harvard Business Review Press, 320 pages, $27).
Legg Mason Capital Management attracted investors as Miller beat the Standard & Poor’s 500 Index in his flagship Legg Mason Capital Management Value Trust (LMVTX:US) for a record 15 straight years through 2005 by picking inexpensive financial shares and out-of- favor technology companies. The fund lost 55 percent in the 2008 credit crisis, prompting withdrawals after assets peaked at $21 billion. Miller stepped down from the $2.2 billion Value Trust in April, while staying as manager of the $1 billion Legg Mason Capital Management Opportunity Trust.
Mauboussin’s departure was reported yesterday by investment research firm Morningstar Inc. (MORN:US)
To contact the reporter on this story: Alexis Leondis in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Christian Baumgaertel at email@example.com