The Wall Street Journal: Bill Miller formally severs ties with Legg Mason

Mutual-fund manager Bill Miller has reached a deal to buy out Legg Mason Inc.’s stake in the entity that houses his funds, formally severing ties with the firm where he built his fame and fortune.

Miller is buying out all of Legg Mason’s LM, +0.09% interests in LMM LLC, the entity that houses the funds he manages, including the Legg Mason Opportunity Trust and the Miller Income Opportunity Trust. Financial terms of the deal weren’t disclosed.

The fund manager reached the high of highs during the 90s tech boom and bust and the low of lows during the financial crisis.

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