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Bill Miller to hand over Value Trust in April

Bill Miller is to step down from running the Legg Mason Capital Management Value Trust and value equity strategies from April 30 next year.

Sam Peters will takeover as sole manager of the LMCM value trust and value equity stragies, both of which are US-domiciled, as well as replace Miller as chief investment officer of LMCM.

Miller, who will remain chairman of LMCM, has managed the Value Trust as either a co- or sole portfolio manager since its launch on April 16, 1982.

Mary Chris Gay will continue to serve as assistant portfolio manager for Value Trust, as well as portfolio manager UK-domiciled Legg Mason US Equity fund and Dublin-domiciled LMCM Value fund.

Miller will still run money at LMCM with him continuing to manage the Opportunity Trust with assistant portfolio manager, Samantha McLemore.

Miller says: “We have had a long and thoughtful transition process going back more than six years. We recognised Sam as a potential portfolio manager for Value Trust when we hired him in 2005, then observed his steady hand during the 2008 financial crisis, and last year named him co-manager of Value Trust for the purpose of succeeding me as sole manager.”

“I have managed the fund for 30 years and have worked closely with Sam since 2005. 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. 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.”


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