Bill Miller, the Legg Mason Inc. (LM) 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 succeeded by Sam Peters as manager of Legg Mason Capital Management Value Trust (LMVTX) 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.
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