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Legg Mason, Inc.

Veteran fund manager Bill Miller separates from Legg Mason

Veteran fund manager Bill Miller separates from Legg Mason

One of Legg Mason Inc.'s star stock pickers, Bill Miller, is separating from the Baltimore investment firm where he attained legendary status among fund managers for beating Standard & Poor's 500 index for 15 consecutive years.

Miller will buy Legg Mason's share of LMM LLC, a jointly owned investment manager that oversees the Legg Mason Opportunity Trust and Miller Income Opportunity Trust, which have a combined $1.8 billion in assets under management. Financial terms were not disclosed.

Analysts said the deal, expected to close late this year or early next, is an unsurprising next step for both Legg Mason, which will shed the small LMM to focus on larger affiliates, and...

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