Bill Miller is declaring his independence from Legg Mason [profile], and the president of Miller's boutique talked with MFWire about what's next.

Bill Miller LMM Founder, Chairman, Chief Investment Officer

On Thursday Miller and Legg unveiled a deal (pricing and terms undisclosed) that entails Miller buying the 50-percent stake that Legg owns in Miller's LMM. Neil O'Callaghan, president and chief compliance officer of Baltimore-based LMM, says that there are "no specific changes expected" to LMM's 14-person team and operations.

"We've always handled all of our own operations," O'Callaghan says. "There is no change on that front."

"We will be retaining our own dedicated distribution team," O'Callaghan adds.

LMM's website says that the boutique receives "operational support from 1919 Investment Counsel [emphasis added]" to allow the LMM team to focus on investment management.

"LMM is responsible for all business and investment decision, while Legg Mason helps LMM distribute its investment strategies," the site says.

Previously, both "Legg Mason's corporate office and 1919 Investment Counsel" were listed on the site as providing "operational support" to LMM. 

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