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.