Activist investor Nelson Peltz, who took a stake in 2009 and is on Legg Mason's board, said in an interview last month that he expects the Western Asset Management fixed-income division, the firm's biggest, to lead the turnaround.

Legg Mason fell 1.3 percent to $25.21 at 10:07 a.m. New York time. The shares have declined 30 percent this year, compared with the 23 percent decline in the S&P index of asset managers and custody banks.

Rival firms have revamped their portfolio-management teams this year in an effort to improve returns and win back customers. In September, Boston-based Fidelity named Jeffrey Feingold to run the Magellan Fund, replacing Harry Lange after the stock fund trailed 85 percent of competitors over the previous five years.

Miller worked in the research unit of Legg Mason before being named portfolio manager of Value Trust. He earned an economics degree from Washington & Lee University, where he graduated in 1972. After graduating, Miller served as a military intelligence officer overseas and then pursued graduate studies in philosophy in the Ph.D. program at Johns Hopkins University.

 

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