(Bloomberg) — Bill Miller is severing ties with Legg Mason after more than three decades.

The stock picker, famed for beating the S&P 500 Index for 15 straight years when he ran the Legg Mason Value Trust, will buy Legg Mason's stake in LMM, an investment adviser that he and the company jointly own, according to a statement released today. LMM oversees $1.8 billion in assets, including the $1.3 billion Legg Mason Opportunity Trust, the Miller Income Opportunity Trust and related strategies.

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