Fund manager Bill Miller is leaving Legg Mason after 35 years, as he reached an agreement with the firm to buy its stake in LMM.
As a result, Miller, together with companies he controls, will own 100% of LMM, which provides investment management services to the $1.3bn Legg Mason Opportunity Trust, the Miller Income Opportunity Trust and related strategies.
There will be no changes to the investment team or portfolio management responsibilities as a result of the transaction, which terms were not disclosed.
The transaction is expected to close on or around the calendar year end, subject to customary conditions and regulatory approvals.
“This transaction affirms my ongoing commitment to managing our funds and to our investors. I am excited about the future of LMM, and our team is dedicated to our long-term, value-driven approach and to true active management. I am thankful to Legg Mason for our 35-year relationship and to the many great people I’ve worked with along the way,” said Bill Miller CIO of LMM.
“Bill has been an important part of the growth and success of Legg Mason over the years and we appreciate his many contributions,” said Joseph A. Sullivan, chairman and CEO of Legg Mason.
Miller won high regard for picking “value” stocks and making big bets on them with the Legg Mason Value Trust Fund, now the ClearBridge Value Trust Fund. In its heyday, that fund beat the S&P 500 for 15 straight years from 1991 to 2005.