Legg Mason is to combine its Capital Management division with ClearBridge Investments
Chairman and former CIO of LMCM Bill Miller will continue to focus on the LMCM Opportunity Trust and will not be joining ClearBridge, the group has confirmed
Legg Mason Capital Management’s Baltimore-based team will continue to be led by Sam Peters, who took over management of the Legg Mason Capital Management Value Trust from Miller in May 2012.
Legg Mason says ClearBridge, which has around £37bn of assets, “provides a robust business platform that will afford operating efficiencies and allow LMCM’s investment professionals to focus solely on providing high-quality investment management.”
It adds that the addition of the Legg Mason Capital Management’s strategies will not have any impact on any existing ClearBridge portfolios or investment teams.
Legg Mason has multiple investment units with different strategies, including fixed-income manager Western Asset Management Co. and equity managers such as ClearBridge and Royce & Associates.