Legg Mason Inc. has lost two key employees of its Legg Mason Capital Management, including portfolio manager Mary Chris Gay.
Gay, manager of an overseas version of the subsidiary's well-known Value Trust fund, and Randy Befumo, head of research at Legg Mason Capital Management, left May 15 and are "pursuing other opportunities," said spokeswoman Mary Athridge.
Sam Peters, manager of the Value Trust fund in the United States, last week replaced Gay as manager of the Value Fund that is modeled after the Value Trust. Gay had been with Legg since 1989; Befumo joined the company in 1998.
Capital Management gained national recognition when star manager Bill Miller of the Value Trust fund consistently beat the market for years. The departure of Gay and Befumo comes just as Legg folds Capital Management into a larger investment subsidiary in New York on June 1.