Legg Mason Unit Investment Strategist Mauboussin Leaves
January 7, 2013
Michael Mauboussin, chief investment strategist at the Legg Mason unit that’s home to Bill Miller, left the firm last week.
Mauboussin, who had been at Legg Mason Capital Management since 2004, departed Jan. 2 and there are no plans to replace him, Mary Athridge, a spokeswoman for Baltimore-based Legg Mason, said last week in an e-mail. Mauboussin is promoting his new book “The Success Equation: Untangling Skill and Luck in Business, Sports and Investing” (Harvard Business Review Press, 320 pages, $27).
Legg Mason Capital Management attracted investors as Miller beat the Standard & Poor’s 500 Index in his flagship Legg Mason Capital Management Value Trust (LMVTX) for a record 15 straight years through 2005 by picking inexpensive financial shares and out-of- favor technology companies. The fund lost 55% in the 2008 credit crisis, prompting withdrawals after assets peaked at $21 billion. Miller stepped down from the $2.2 billion Value Trust in April, while staying as manager of the $1 billion Legg Mason Capital Management Opportunity Trust.
Mauboussin’s departure was previosuly reported by investment research firm Morningstar.