Legendary value manager Bill Miller, who beat the S&P 500 for 15 years straight before underperforming for four of the last five years, will step down from running the Legg Mason Capital Management Value Trust fund in April.
Sam Peters, who was said to be Miller’s heir apparent when he was promoted to co-manager of the fund last year, will become the sole manager of the $2.8 billion fund as well as chief investment officer for Legg Mason Capital Management as a whole, the Baltimore-based company said in a statement released Thursday.
The company also said Miller will remain chairman of Legg Mason Capital Management.