Legg Mason Capital Managementannounced Thursday that Sam Peters, who joined the firm in 2005, will become a co-portfolio manager of the Legg Mason Capital Management Value Trust, effective Nov. 1. He will serve as a co-portfolio manager with Bill Miller, who has managed the fund for nearly 30 years. Mary Chris Gay will continue to serve as the assistant portfolio manager of the fund.
In addition to co-managing the Value Trust, Peters will remain the portfolio manager of the Legg Mason Capital Management Special Investment Trust and a co-manager of one other investment strategy, according to the firm. Peters previously worked for Fidelity Management & Research.
Miller, the firm's chief investment officer, said in a statement: “I’ve worked closely with Sam over the last five years. He is a fundamental, data-driven investor. He thinks independently and understands how people and institutions behave in a variety of market conditions. I’ve co-managed two other strategies with him and look forward to working with him on Value Trust."
Besides co-managing the Value Trust, Miller will continue as CIO, the portfolio manager of the Legg Mason Capital Management Opportunity Trust and a co-manager of three other investment strategies, according to the statement.
CEO Jennifer Murphysaid in the statement: “We believe that a thoughtful succession process is vital to fulfilling core commitment to deliver excellent investment results to our clients over the long term. This step ensures our ability to continue to serve Value Trust shareholders through the consistent application of our investment philosophy and process.”
Legg Mason Capital Management specializes in long-term, valuation-based investing for institutional and retail clients around the world. It had $15.5 billion in assets under management as of September 30.
Legg Mason Inc.is a global asset management firm, with $674 billion in assets under management as of September 30. The company is headquartered in Baltimore, Maryland and its common stock is listed on the New York Stock Exchange.