(Reuters) ? Stock picker Bill Miller, one of the mutual fund industry's biggest stars who has recently fallen on hard times, will retire from running his flagship portfolio at Legg Mason (LM.N) in April and hand full control to his fellow manager.
Sam Peters will become the sole manager of the $2.8 billion Legg Mason Capital Management Value Trust fund and the Value Equity strategy, Legg Mason said in a statement on Thursday. He will also become chief investment officer for Legg Mason Capital Management.
The news completes the succession plan put into place for Miller last year, when the Baltimore-based company promoted Peters to become his co-captain on the once-vaunted fund. At that time, Legg Mason called Peters Miller's "eventual successor," but Miller insisted he had no plans to retire.
For years, Miller, 61, had been the brightest point in Legg Mason's crown, beating the Standard & Poor's 500 index for 15 consecutive years. The feat, performed by no other modern fund manager, earned him research firm Morningstar's manager of the decade title -- one of the highest honors in the industry.
But Miller's streak ended in 2006 when big bets on some of America's worst performing stocks, including Amazon.com and Yahoo, forced the industry star to tell investors how sorry he was and that he vowed to do better. In early 2007, the fund had $20 billion in assets but as the financial crisis hit, performance sagged further and investors fled in numbers.
Despite Miller's comeback in 2009, he never fully recovered and this year the fund is off 5.48 percent, trailing the bulk of its peers.
Legg Mason as a whole has had some of the heaviest outflows in the industry. Investor Nelson Peltz, who has been known to push for change at the corporations he owns, took a stake in Legg Mason several years ago.
Legg Mason's shares were down 22 cents at $25.33 in early trading.
(Reporting by Svea Herbst-Bayliss in Boston; Editing by Lisa Von Ahn and Maureen Bavdek)
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