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Wednesday, January 16, 2013

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

Asset manager Legg Mason Inc said star fund manager Bill Miller's former fund, Legg Mason Capital Management (LMCM), 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 shares closed at $26.90 on Tuesday on the New York Stock Exchange.

Legg Mason, Inc. (Legg Mason) is a global asset management company. Shares of LM remained unchanged at $26.90. 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 0.