Asset manager Legg Mason Inc said on Wednesday it will merge its Legg Mason Capital Management (LMCM) unit, the longtime home of well-known fund manager Bill Miller, with the company's ClearBridge Investments unit.Miller, who famously beat the S&P 500 index for 15 years, last year gave up the management of his best-known fund, Value Trust, after a string of sub-par results. LMCM's Baltimore-based team will continue to be led by Sam Peters.Legg Mason spokeswoman Mary Athridge said there will be layoffs stemming from the merger but declined to give more details. Executives were not available to be interviewed, she said.The reorganization is the latest change at Legg Mason, the fourth-largest publicly-traded U.S. asset manager. The company has been searching for a new chief executive since Mark Fetting stepped down from the post in October, and it has struggled to turn around outflows from many of its largest funds.
Legg Mason, Inc. (Legg Mason) is a global asset management company. Shares of LM fell by 0.75% or $-0.2025/share to $26.70. 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 159842.
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