Renowned U.S. fund manager Bill Miller is buying out Baltimore-based Legg Mason Inc.’s stake in his fund company, LMM LLC, which provides investment management services to Legg Mason Opportunity Trust, Miller Income Opportunity Trust and related strategies.
The transaction effectively gives Miller 100% ownership of LMM — both directly and through companies he controls. The terms of the deal were not revealed.
“This transaction affirms my ongoing commitment to managing our funds and to our investors,” says Miller, LMM’s chief investment officer, in a statement. “I am excited about the future of LMM, and our team is dedicated to our long-term, value-driven approach and to true active management.”
The transaction is expected to close by the end of the year, subject to customary conditions and regulatory approvals. There will be no changes to the investment team or portfolio management responsibilities as a result of the deal.
LMM, which is also based in Baltimore, had US$1.8 billion in assets under management as of July 31. Legg Mason has US$757 billion in AUM.