Bill Miller, a legendary stock-picker whose career has spanned 50 years, has formalized his succession plan. Miller will hand over Miller Opportunity to current comanager Samantha McLemore but will stay on as comanager through 2022. Pending shareholder approval, the fund will shift from Miller Value Partners to Patient Capital Management, which McLemore established in 2020. After the transition, Miller will be a senior advisor and minority owner of Patient Capital Management and Miller Value Partners, where his son Bill Miller IV will continue to run Miller Income and will launch a related exchange-traded fund in 2022.
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