Bill Miller successor Peters joins Value Trust

Sam Peters is joining Bill Miller as co-portfolio manager of the Legg Mason Capital Management Value Trust on 1 November.

Miller, who has managed the fund for almost three decades, has worked closely with Peters since his arrival from Fidelity Investments five years ago.

Mary Chris Gay will continue to serve as the assistant portfolio manager of the fund.

"I am confident that our clients and shareholders, many of whom know Sam, will be pleased with his addition to the Value Trust team,” Miller says.

“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."

Miller will remain LMCM's CIO, the portfolio manager of the group’s Opportunity Trust, and a co-manager of three other investment strategies.

Aside from the Value Trust, Peters will remain as portfolio manager of the Legg Mason Capital Management Special Investment Trust and a co-manager of one other investment strategy.

"I came to LMCM for the opportunity to work with Bill and the very talented LMCM team,” Peters adds.

“Joining Bill and Mary Chris on the Value Trust is an honour, but I know that my addition to the team will ultimately be judged by the quality of the performance we are able to deliver to our clients and shareholders."