Legendary Legg Mason fund manager stepping down

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NEW YORK (AP) ? Legg Mason Capital Management says the long-time manager of its flagship mutual fund, Bill Miller, is stepping down next year.

The company says Miller, 61, will also step down as chief investment officer in April. He will stay on as chairman.

The co-manager of the Legg Mason Value Trust mutual fund, Sam Peters, will become the sole manager after Miller steps down. The company notes that the transition had been in the works for some time. Peters, 42, was named as co-manager last year and was being groomed to take over for Miller.

Miller has managed the Legg Mason Value Trust fund since its inception in 1982.

Legg Mason Capital Management is a unit of Legg Mason Inc.