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Bill Miller And Legg Mason Part Ways

TedTed
in Fund Discussions
FYI: Bill Miller and Legg Mason [profile] are parting ways after 35 years together.

Today the famed value-equity PM confirms that he plans to buy out the 50-percent stake in his shop, LMM, that had been owned by Legg Mason. Once the deal closes, Legg Mason reveals, "Miller, together with companies he controls, will own 100% of LMM." LMM, like Legg Mason, is based in Baltimore.
Regards,
Ted
http://www.mfwire.com/article.asp?storyID=54590&bhcp=1

Comments

  • msf
    Lots of misinformation all around. The article says that Legg Mason Opportunity Trust is seven years old. While its class A shares (LGOAX) began Feb 3, 2009, the fund itself (Class C, formerly Primary Class) LMOPX began December 30, 1999.

    M*'s profile of Bill Miller (the text on the fund's management page) says that Bill Miller currently co-manages Legg Mason Value Trust (i.e. the 15-year streak fund). He ended that in 2012. The fund (LMVTX) doesn't even carry the Legg Mason name - it was renamed years ago to Clearbridge Value (a Legg Mason brand).

    This seems like a formality - Legg Mason has been inching Miller out for years. Bloomberg has a better article.
    http://www.bloomberg.com/news/articles/2016-08-11/bill-miller-buys-legg-mason-s-stake-in-his-fund-company-lmm
  • Alban
    Good thing for Legg Mason to be done with Bill Miller. His value investing style looked like a doubling down strategy and he made many very bad calls.
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