Fund manager Bill Miller has signed an agreement to acquire Legg Mason’s stake in his fund company LMM. Terms of the transaction were not disclosed.
LMM provides investment management services to Legg Mason Opportunities Trust, Miller Income Opportunities Trust and related strategies.
There will be no changes to the investment team or portfolio management responsibilities as a result of the transaction, Legg Mason said in a press statement.
Miller, who is chief investment officer at LMM, said: “This transaction affirms my ongoing commitment to managing our funds and to our investors. I am excited about the future of LMM, and our team is dedicated to our long-term, value-driven approach and to true active management.
“I am thankful to Legg Mason for our 35-year relationship and to the many great people I’ve worked with along the way.”
Legg Mason chairman and CEO Joseph Sullivan said: “Bill has been an important part of the growth and success of Legg Mason over the years and we appreciate his many contributions. We wish Bill and his team continued success in the future.
“Today’s announcement is consistent with Legg Mason’s strategy of focusing on our nine diverse managers with size and scale that can be leveraged across global distribution.”
Subject to customary conditions and regulatory approvals, the deal is expected to close on or around the end of the year.