Bill Miller to step down as Legg Mason Capital Management CIO

Bill Miller, chairman and chief investment officer of Legg Mason Capital Management, is to step down and cede his multi-billion dollar $4.7bn Value Trust to Sam Peters.

Miller will step down as CIO in April next year, Investment Week understands.

However, he will continue to run his Opportunities trust.

Peters, already co-manager of the Value Trust, will become lead manager of the fund and the group's new CIO.

Miller, who has managed the fund for almost three decades, has worked closely with Peters since his arrival from Fidelity Investments five years ago.

Legg Mason first appointed Peters to the fund in November 2010.