Legg Mason to combine Miller unit with ClearBridge
Legg Mason units ClearBridge Investments and Legg Mason Capital Management (LMCM) are to forge closer links by integrating business operations.
The integration will allow LMCM’s investment managers to focus solely on the running of their portfolios, while the tie-up aims to boost operating efficiencies through the use of ClearBridge’s “robust business platform”.
Bill Miller, chairman and former CIO of LMCM, will continue to focus on the LMCM Opportunity Trust and will not be joining ClearBridge, the group said.
“ClearBridge has a proven ability to seamlessly integrate investment teams whose investment philosophies and processes are similar to its own, and the addition of the LMCM strategies will not have any impact on any existing ClearBridge portfolios or investment teams,” Legg Mason said in a statement.
LMCM will continue to be led by Sam Peters, who took over from Miller as CIO and manager of the LMCM Value Trust in May 2012.
This article was first published on Investment Week