Boring Bill Miller Amicably Ends 35-Year Run At Legg Mason

We hate this kind of subdued professionalism.
Author:
Updated:
Original:
Even Legg Mason's building is boring. And it's in Baltimore. By Wallstreethotrod (Own work (Original text: self-made)) [Public domain], via Wikimedia Commons

Even Legg Mason's building is boring. And it's in Baltimore. By Wallstreethotrod (Own work (Original text: self-made)) [Public domain], via Wikimedia Commons

When it comes to Bills leaving the mutual fund shops where they made their names—and whose names they made—Miller’s got nothing on Gross.

No erratic behavior. No hand-scrawled resignation letters. No lawsuits.

Just a quiet buyout of half a joint venture and a polite joint statement.

“Bill has been an important part of the growth and success of Legg Mason over the years and we appreciate his many contributions,” Joseph A. Sullivan, Legg Mason’s chief executive officer, said in the statement. “Today’s announcement is consistent with Legg Mason’s strategy of focusing on our nine diverse managers with size and scale that can be leveraged across global distribution…."

“This transaction affirms my ongoing commitment to managing our funds and to our investors,” Miller said in the statement. “I am thankful to Legg Mason for our 35-year relationship and to the many great people I’ve worked with along the way."

Ugh. How boring is that? It’s worse than boringly beating the S&P500 for 15 straight years. I thought equities guys were supposed to be more interesting than bond guys.

Screw this. Let’s go back to talking about Bill Gross’ seed and Jeff Gundlach’s proclivities.

Famed Investor Bill Miller Leaves Legg Mason After 35 Years [Bloomberg]
Veteran Stockpicker Bill Miller Parts Ways With Legg Mason [WSJ]

Related

Old Friends Get New Titles At BlackRock, Legg Mason

If you should ever be able to broker a deal like BlackRock's for Barclays Global Investors, it may be worth your while to do so.