Legg Mason was told to take a hike by Massachusetts' $50.6 billion pension fund, according to Reuters. The unit run by fund manager Bill Miller was fired, along four other fund firms, from managing a $1.8 billion equity portfolio due to poor performance.
Reuters said the pension funds board has tapped State Street to manage $1.4 billion of the $1.8 billion portfolio.

Massachusetts pension fund fires Legg, 4 others [Reuters]