Bill Miller to set up mutual fund under family name

Legg Mason's chief executive Bill Miller is setting up a mutual fund under his own name, to be run together with his son as assistant fund manager.

After three decades of managing money on behalf of Legg Mason Capital Management, the investment veteran last week filed a request with the Securities and Exchange Commission to sell shares to the public through the Miller Income Opportunity trust. According to the filing, the fund will seek to produce a high level of income from a ‘wide array of sources' by identifying ‘mispriced' investment opportunities. The new fund will be overseen by Miller's firm LMM LLC, an investment advisory firm owned in equal parts by the Miller family and Legg Mason. As such, it will be promoted extern...