Mary Chris Gay exits Legg Mason

Legg Mason Capital Management’s US fund manager Mary Chris Gay has exited the firm, Investment Week can reveal.

Gay (pictured), who ran the group’s LMCM Value fund – modelled on the $4.3bn US-domiciled Value Trust – left the firm last week and has been replaced on the portfolio by colleague Sam Peters.

Peters is now named portfolio manager on the LMCM Value fund, the group said in a statement.

The fund is a concentrated large cap portfolio which aims to buy what the managers believe are undervalued stocks, mimicking the investment process on the US-domiciled fund.

Gay (pictured) has been a fund manager at the firm for 15 years, having started in her current role in 1998.

Prior to that she spent ten years at the group as an analyst.

In 2006 she was named assistant portfolio manager on the Value Trust, working alongside Bill Miller who ran the portfolio.

Before her exit Gay, Peters and Jane Trust were all named portfolio managers on the multi-billion dollar US fund.

Gay has left LMCM to pursue other opportunities, the group added.

 

This article was  first published on Investment Week

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