Legg Mason guru Bill Miller names successor

Legg Mason Capital Management has unveiled the eventual successor to renowned fund manager Bill Miller.

Miller, who was named Morningstar's fund manager of the 1990s, will hand over the reins on the $4.2bn Value trust to former Fidelity Investments manager Sam Peters. Despite announcing succession plans, the 60-year-old Miller, who famously beat the S&P 500 for 15 consecutive years until 2006, has no immediate plans to retire. Mary Chris Gay, currently assistant portfolio manager on Value trust and co-manager on the UK mirror fund, will stay in her current role. Peters, who serves as the portfolio manager for LMCM's Mid Cap strategy, will become a co-portfolio manager on the Value fu...