Legg Mason has named Sam Peters, 40, co-manager of Bill Miller’s $4.2 billion Value Trust fund, a move widely seen as selecting Peters to be the eventual replacement for Miller as chairman and CEO of the firm.

Peters is well familiar to working alongside the 60-year-old Miller, best known for his 15-year winning streak of outperforming the S&P 500 on the Value Trust fund. Peters joined Legg Mason in 2005 as co-manager with Miller on the $1.2 billion Legg Mason Special Investment Trust fund, which they both still run.

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