Miller falls just short of completing three decades at the helm of the Legg Mason Capital Management Value Trust, which he has co- or sole-managed since its inception in April 1982.
He will continue to co-manage the Legg Mason Capital Management Opportunity Trust with Samantha McLemore and also keeps his position as co-manager on LMCM’s All Cap Fund, Income Opportunity, and Collective Alpha Strategies.
Miller joined Legg Mason Capital Management in 1981 and assumed overall responsibility for LMCM’s investment programme in late 1990.
The value equity strategy, which holds $4.7bn of the company’s $8.65bn AUM at the end of September, will also fall under Peter’s guardianship now and he will become the new CIO of the company.
"We have had a long and thoughtful transition process going back more than six years," said Miller, "We recognised Sam as a potential portfolio manager for Value Trust when we hired him in 2005, then observed his steady hand during the 2008 financial crisis, and last year named him co-manager of Value Trust for the purpose of succeeding me as sole manager."
Peters is also in charge of LMCM’s Special Investment Trust and mid cap strategy and portfolio for the firm’s collective alpha strategy.
Prior to joining LMCM he worked for Fidelity Management & Research, which he joined as an analyst in 1999 and progressed to managing a number of funds.
Miller will remain as chairman of LMCM when the transition takes place in April.
