By Atholl Simpson | 10:37:56 | 24 May 2010
Legg Mason’s star manager Bill Miller has appointed Sam Peters as his eventual successor to take over his $4.35 billion (€3.5 billion) US Value Trust fund.
Peters joined Legg Mason from Fidelity in 2005 and will assume his role as co-portfolio manager alongside Miller later this year.
40-year-old Peters currently serves as the portfolio manager for the firm’s mid-cap strategies and manages the $1.25 billion Special Investment Trust.
The firm has insisted this move is a long-term succession plan and Miller has no intention ‘taking a step back’ anytime soon.
A spokesperson from Legg Mason told Citywire: ‘He is still CIO of the company and plans to be there for some time. This was just a way to give clients a heads up on the changes happening within the firm.’
According to the firm, Miller began his fund management career with Legg Mason in a similar fashion. In the 1981 he joined the team of veteran manager Ernest Kiehne, who nurtured Miller before subsequently taking over from him in 1990.
After succeeding Kiehne, Miller outperformed the S&P 500 for each of the following 15 years, to make his name as one of the world’s best known managers.
Miller’s colleague, Mary Chris Gay, remains in her current position as the manager of the Value Trust fund’s UK mirror-version.