Bill Miller to Step Down From Legg Mason Value Trust Fund after a 30 Year Career
On Thursday, Bill Miller, Chairman and Chief Investment Officer of Legg Mason (NYSE: LM) Capital Management announced that at the end of April 2012, he will step down from the Value Trust Fund. This will conclude a 30 year career at the fund. Bill Miller will continue to manage the Legg Mason Capital Management Opportunity Trust with Assistant Portfolio Manager, Samantha McLemore.
Sam Peters will be sole manager of the Legg Mason Capital Management Value Trust and Value Equity strategy as well as Chief Investment Officer for Legg Mason Capital Management.
Mr. Miller said in his statement, "We have had a long and thoughtful transition process going back more than six years. We recognized Sam as a potential portfolio manager for Value Trust when we hired him in 2005, then observed his steady hand during the 2008 financial crisis, and last year named him co-manager of Value Trust for the purpose of succeeding me as sole manager."
Bill Miller has been with the fund since its inception in April of 1982 and at one point had beaten the S&P 500 for 15 consecutive years.
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