Bill Miller, the chairman and chief investment officer of Legg Mason Capital Management, is stepping down from the mutual fund’s flagship fund, Bloomberg Television reported.Miller will step down from Legg Mason Value Trust effective on April 30, 2012, according to the report.
Under Miller’s management, the fund outperformed the S&P 500 for a record 15 years until 2005.
The stock-picker’s main fund had $20.8 billion AUM at its peak in 2006. Those assets have declined to about $3.4 billion.
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