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Fund Times

Legg Mason Names Successor to Bill Miller

Plus, a T. Rowe Price Analyst Pick closes its doors, and more

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Legg Mason has named a successor to  Legg Mason Capital Management Value's (LMVTX) Bill Miller, though the famed manager may still be a long way from retirement. The firm has begun informing clients that Sam Peters will be the next portfolio manager of the fund Miller has managed or comanaged for nearly 30 years.

The firm hasn't yet said exactly when Peters will take the reins. It's likely Peters will share portfolio-management duties with Miller for a while before taking over as sole manager. That's the same path Miller followed; before he took over the fund in 1990, he comanaged it for eight years with Ernest Kiehne.

Courtney Goethals Dobrow does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.