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.
“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.