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Bill Miller exits Legg Mason

Aug. 11, 2016 9:03 AM ETLegg Mason, Inc. (LM) StockBy: Stephen Alpher, SA News Editor1 Comment
  • Famed for beating the S&P 500 for 15 straight years when he ran the Legg Mason Value Trust, and then having that record blown up during the financial crisis, Bill Miller is leaving Legg Mason (NYSE:LM) after 35 years.
  • Miller is buying all of Legg Mason's interests in LLM LLC, the company through which he manages the $1.3B Legg Mason Opportunity Trust (LGOAX), and the $92M Miller Opportunity Trust (LCMNX).
  • LLM was started in 1999 and was 50% owned by Miller and Legg Mason.

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