Miller to step down as Legg Mason Capital Management CIO

Bill Miller, chairman and chief investment officer of Legg Mason Capital Management, is to step down and cede his multi-billion dollar Value Trust to Sam Peters.

Miller will step down as CIO in April next year. However, he will continue to run his Opportunities trust. Peters, already co-manager of the $4.7bn Value Trust, will become sole manager of the fund and the group's new CIO. He will also become lead manager of the Value Equity strategy. Miller, who has managed the Value trust for almost three decades since it launched in 1982, has worked closely with Peters since his arrival from Fidelity Investments five years ago. Legg Mason first appointed Peters to the fund in November 2010. Miller will remain in his role as chairman of Legg M...