Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Bill Miller to step down as Legg Mason Capital Management CIO

Bill Miller to step down as Legg Mason Capital Management CIO

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.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Sam Vecht: the best opportunities in frontier markets

Sam Vecht: the best opportunities in frontier markets

Blackrock's Vecht evaluates frontier markets and explains where he sees the opportunities

Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Your Business: Cover Star Club

Profile: meet the man building Towry into an £11bn giant

Profile: meet the man building Towry into an £11bn giant

As a former engineer who worked on Hong Kong International Airport, Rob Devey is not afraid of taking on major projects

Wealth Manager on Twitter