Chelsea FS brands Legg Mason's Miller 'deadwood'

Legg Mason's veteran US manager Bill Miller is "deadwood" following prolonged underperformance, says Chelsea Financial Services.

The IFA's Relegation Zone report says the US has become a graveyard for active managers, due to inefficiencies in the market. "Our researchers were surprised and disappointed to see US veteran Bill Miller among the deadwood with his US Equity fund," the report says. "Bill believes US blue chips are the ‘bargain of a lifetime.' He will need his long-term conviction to start yielding some results if he is to remove his fund from the quagmire of underperformance." The group criticised major fund houses with consistently lagging products, notably Scottish Widows Investment Partnership,...