Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, January 16, 2013

CORRECTED-Legg Mason merges Bill Miller's fund unit with ClearBridge, (NYSE: LM)

Asset manager Legg Mason Inc said its Legg Mason Capital Management (LMCM) unit, the long-time home of well-known fund manager Bill Miller, will merge with the company's ClearBridge Investments unit.Miller, who famously beat the S&P 500 for 15 years, last year gave up the management of his best-known fund, LMCM Value Trust fund, after a string of sub-par results.Miller, who joined Legg Mason in 1981, will stay with LMM, an entity that he co-owns with Legg Mason, and will manage the LMCM Opportunity Trust fund, the company said.LMCM's Baltimore-based team will continue to be led by Sam Peters, who took charge of the LMCM Value Trust fund in May 2012.

Legg Mason, Inc. (Legg Mason) is a global asset management company. Shares of LM fell by 0.87% or $-0.235/share to $26.66. In the past year, the shares have traded as low as $22.36 and as high as $29.49. On average, 1527370 shares of LM exchange hands on a given day and today's volume is recorded at 119657.