Veteran Investor Bill Miller Is Leaving Legg Mason After 35 Years

August 11, 2016, 3:19 PM UTC
Morningstar Investment Conference
Bill Miller, chairman and chief investment officer of Legg Mason Inc., speaks at the Morningstar Investment Conference in Chicago, Illinois, U.S., on Friday, June 25, 2010. Miller said the U.S. stock market, which has dropped 12 percent from its April high on concerns Europe's debt crisis may spread, will rise after the region's banks complete stress tests. Photographer: Tim Boyle/Bloomberg via Getty Images
Photograph by Tim Boyle/Bloomberg via Getty Images

Legg Mason (LM) fund manager Bill Miller will leave the firm after 35 years, the Baltimore-based investment company said on Thursday.

Miller won high regard for picking “value” stocks and making big bets on them with the Legg Mason Value Trust Fund, now the ClearBridge Value Trust Fund. In its heyday, that fund beat the S&P 500 for 15 straight years from 1991 to 2005.

Miller left the Value Trust Fund in 2011 after the fund’s downturn during the recession.


“I am thankful to Legg Mason for our 35-year relationship and to the many great people I’ve worked with along the way,” Miller said in a statement.

With Miller’s departure, Legg Mason said, Miller acquired Legg Mason’s stake in LMM, which provides investment management services to Legg Mason Opportunities Trust, Miller Income Opportunities Trust and related strategies.

Terms of the transaction were not disclosed. The deal is expected to close on or around the end of the year, Legg Mason said.

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