Bill Miller will cede his position as chief investment officer of Legg mason in April. Sam Peters will become CIO and take over as portfolio manager of the $7.4 billion Value Trust fund. Peters will also become lead manager on the Value Equity strategy. However, Miller will remain chairman of Legg Mason continue to run its Opportunities trust.

“We have had a long and thoughtful transition process going back more than six years,” Miller said. “We recognized Sam as a potential portfolio manager for the Value trust when we hired him in 2005, then observed his steady hand during the 2008 financial crisis, and last year named him co-manager of the Value trust for the purpose of succeeding me as sole manager.

“April 2012 is the right time for Sam to take over. I have managed the fund for 30 years and have worked closely with Sam since 2005,” Miller continued. “Over the past year, Sam and I made important adjustments to the fund’s portfolio construction, and we are both very pleased with how it is positioned. Sam’s passion for investing, his temperament, competitive nature and his intellectual curiosity will serve our clients well.”

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