The fall for Legg Mason's Value Trust fund was swift, once its run of besting the S&P 500 for 15 straight years came skidding to a halt. But now, Bill Miller's old fund is starting a new streak — and Miller is on a roll of his own with a different fund.
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A promotion at Heartland Advisors, former Fidelity Magellan PM Jeffrey Vinik to shutter his hedge fund, and Southeastern readies another proxy fight.
High fees and low returns have made these stock funds poor long-term performers.
Longtime manager will remain as Legg Mason Capital Management's chairman.
Legg Mason Inc., the money manager best known as home to stockpicker Bill Miller , is folding Miller's Legg Mason Capital Management division into its ClearBridge Investments equity unit as assets have tumbled.
DWS announced that it is dropping the name of subadvisor Dreman from three mutual funds, while Vanguard removed Hansberger from a team of subadvisors running Vanguard International Value.
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A shake-up of subsidiaries could mean time is running out for the storied mutual fund brand -- a brand that has long been synonymous with Bill Miller .