Bill Miller’s announcement earlier this month that he plans to step down from managing Legg Mason Capital Management Value Trust as well as from his role as chief investment officer of Legg Mason Capital Management at the end of April 2012 could heighten risks for fund investors, S&P Capital IQ said in a report.

Miller did say he plans to remain with the firm, S&P Capital IQ mutual fund analyst Todd Rosenbluth noted in the report. However, “a new leader could shift the investment strategy in a way that may not fit with investors’ expectations,” according to Rosenbluth. Miller’s involvement as manager or co-manager of the fund since 1982 has allowed investors “to gain comfort in the fund’s stock selection approach,” Rosenbluth said.

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