Legg Mason, the money manager best known as home to stockpicker Bill Miller, is folding Miller’s Legg Mason Capital Management division into its ClearBridge Investments equity unit as assets have tumbled.

Sam Peters, who took over management of Miller’s flagship Legg Mason Capital Management Value Trust in May, will continue to lead the LMCM unit and report to ClearBridge’s co-chief investment officers Scott Glasser and Hersh Cohen, Mary Athridge, a spokeswoman for the Baltimore-based firm, said in an e-mail. Miller will continue managing the Legg Mason Capital Management Opportunity Trust and will not be joining ClearBridge, Athridge said.

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