Legg Mason’s Bill Miller Steps Down, Sam Peters to Manage Fund

Bill Miller, the manager of the Legg Mason Capital Management (LMVTX) mutual fund, announced Thursday that he is stepping down, per Bloomberg.

Bill Miller is Stepping Down from Managing the Legg Mason Fund

Bill Miller, who famously outperformed the S&P 500 for a record 15 years, will no longer be the managing the Legg Mason fund effective April 30. At that point, Sam Peters will take over the management of the Legg Mason Capital Management Value Trust (LMVTX). “April 2012 is the right time for Sam to take over,” Miller said in the statement. “Over the past year, Sam and I made important adjustments to the fund’s portfolio construction and characteristics, and we’re both very pleased with how it is positioned.” Bill Miller will stay on chairman of the Legg Mason Capital Management unit while Peters will take on the role of chief investment officer.

Sam Peters will Take Over Management of the Legg Mason Fund

Sam Peters joined Legg Mason Capital Management in 2005 after leaving Fidelity Investments where he worked as a stock picker. Last year, Miller announced that Peters would become his co-manager, and eventual successor. Miller himseld had taken over the manangement of the fund in a similar fashion, first co-managing, in his case with Ernie Kiehne, then taking full responsibility. “Bill Miller has been synonymous with Legg Mason for more than 20 years, and Legg Mason’s ability to attract money has been tied to its brand,” said Todd Rosenbluth, a mutual-fund analyst at S&P Capital IQ.