William H. Miller III, one of the most successful managers in the mutual fund industry and a key to Legg Mason's success in fund sales, has formed a new company with Legg Mason which will manage a new Miller-run fund, possibly by year end.

Miller and Legg Mason of Baltimore, Md. are equal partners in a new firm, LMM LLC of Baltimore. Miller will serve as managing member, the equivalent of the chief executive, for the new firm.

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