Legg Mason to combine Miller unit with ClearBridge

Legg Mason units ClearBridge Investments and Legg Mason Capital Management (LMCM) are to forge closer links by integrating business operations.

The integration will allow LMCM's investment managers to focus solely on the running of their portfolios, while the tie-up aims to boost operating efficiencies through the use of ClearBridge's "robust business platform". Bill Miller, chairman and former CIO of LMCM, will continue to focus on the LMCM Opportunity Trust and will not be joining ClearBridge, the group said. "ClearBridge has a proven ability to seamlessly integrate investment teams whose investment philosophies and processes are similar to its own, and the addition of the LMCM strategies will not have any impact on any exi...