Legg Mason money manager Sam Peters will begin co-managing the company's flagship mutual fund next month.

Peters will join star manager Bill Miller in managing the $4 billion Legg Mason Capital Management Value Trust.

The company had announced earlier this year that Peters would become co-manager and eventually succeed Miller as the Value Trust's manager once he retires. Mary Chris Gay will continue to serve as the fund's assistant portfolio manager.

Miller is known for having beat the benchmark Standard & Poor's 500 index for 15 consecutive years.

Peters will also continue to manage the Legg Mason Capital Management Special Investment Trust fund, which focuses on undervalued midsize U.S. companies.

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