Miller hands reins of Legg Mason fund to co-manager

Bill Miller, CEO of Legg Mason Capital Management, will relinquish co-portfolio management duties for the Legg Mason Special Investment Trust, said spokeswoman Mary Athridge. Taking over sole management of the $4 billion midcap blend fund is Samuel M. Peters, who has been co-managing the fund with Mr. Miller for the past nine months. Mr. Peters had been hired from Fidelity Management & Research — where he was portfolio manager of the Fidelity Select Health Care and Select Medical Equipment funds, as well as team leader of the health-care sector — with the understanding that he would eventually become sole manager of the Legg Mason fund. He proved himself ready "in a remarkably short time period," Mr. Miller said in a news release.