Legendary US stockpicker Bill Miller has parted ways with Legg Mason, after the multi-boutique firm decided to concentrate on its core brands.
Miller has bought out the 50 per cent share Legg Mason had in his investment business LMM. The division runs $1.8bn in assets including the Legg Mason Opportunity Trust.
Joe Sullivan, chief executive of Legg Mason, says: “Bill has been an important part of the growth and success of Legg Mason over the years and we appreciate his many contributions.
“Today’s announcement is consistent with Legg Mason’s strategy of focusing on our nine diverse managers with size and scale that can be leveraged across global distribution.”
Miller became notorious after his former fund, the Legg Mason Value Trust, outperformed the S&P 500 for 15 years in a row. However, after a run of less impressive performance the fund saw its assets drop from the $21.5bn peak in 2007.