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Bill Miller to step down as Legg Mason Capital Management CIO
by Alex Plough on Nov 17, 2011 at 14:34
Legg Mason’s Bill Miller has announced he will step down as chief investment officer and manager of the firm’s flagship Capital Management (LMCM) Value Trust on 30 April 2012.
Sam Peters, who joined as co-manager of the Capital management Trust in 2005, will take over as its sole manager.
‘We have had a long and thoughtful transition process going back more than six years…April 2012 is the right time for Sam to take over’, said Miller, who has managed the fund for 30 years.
Miller added that he will remain as chairman of Legg Mason and will continue to manage the LMCM Opportunity Trust with Samantha McLemore.
Peters, who also oversees the firm’s research team, said he was ‘look[ing] forward to the challenge’ and will continue to co-manage the LMCM Special Investment Trust and Mid Cap strategy with Albert Grosman.
'We know we will be judged by the quality of the performance we deliver to our clients and shareholders, and that’s where we’re focused. As Bill has said many times, we can promise no one will work harder for our clients than our investment team,' said Peters.
The American based LMCM Value Trust, which has grown to over $2 billion since its inception in April 1982, is famous for beating the S&P 500 for 15 consecutive years up to 2005.
Its Dublin domiciled version, the LMCM Value which has returned 22.02% over three years compared to S&P 500’s 38.29%, along with the UK domiciled LMCM US Equity Fund will continue to be run by Mary Chris Gay.
In a statement issued today, Miller said, ‘Sam’s passion for investing, his temperament, competitive nature, and his intellectual curiosity will serve our clients well. I look forward to continuing to work with Sam and the team as I manage the LMCM Opportunity Trust and other products.’
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