Bill Miller may not be heading out the door just yet, but Legg Mason appears to have a replacement already lined up. In yesterday's Morningstar "Fund Times" column, Courtney Goethals Dobrow reports that the Baltimore-based mutual fund manager is "informing clients that Sam Peters will be the next portfolio manager" of Legg Mason Capital Management Value (though Legg Mason gave no specific timeframe for the switch).

Miller first took over Value in 1990, after co-managing it for eight years, and Morningstar expects Peters to follow a similar path by co-managing Value alongside Miller for a while. A Fidelity alum, Peters joined Legg Mason in 2005 and co-managed Legg Mason Capital Management Special Investment alongside Miller until 2006. (Peters now runs Special Investment on his own, and he will continue to do so.) 

Edited by: Neil Anderson, Managing Editor


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