Legg Mason guru Bill Miller names successor

Miller, who was named Morningstar's fund manager of the 1990s, will hand over the reins on the $4.2bn Value trust to former Fidelity Investments manager Sam Peters. Despite announcing succession plans, the 60-year-old Miller, who famously beat the S&P 500 for 15 consecutive years until 2006, has no immediate plans to retire. Mary Chris Gay, currently assistant portfolio manager on Value trust and co-manager on the UK mirror fund, will stay in her current role. Peters, who serves as the portfolio manager for LMCM's Mid Cap strategy, will become a co-portfolio manager on the Value fu...