Bill Miller to step down as Legg Mason Capital Management CIO

Miller will step down as CIO in April next year, Investment Week understands. However, he will continue to run his Opportunities trust. Peters, already co-manager of the Value Trust, will become lead manager of the fund and the group's new CIO. Miller, who has managed the fund for almost three decades, has worked closely with Peters since his arrival from Fidelity Investments five years ago. Legg Mason first appointed Peters to the fund in November 2010.