Jan 4 High-profile investment strategist Michael
Mauboussin has left his job at Legg Mason Inc a company
spokeswoman said on Friday, the latest turnover at the fund
Mauboussin is well-known for his work on questions like the
relative roles of skill and luck. He gained stature as the chief
investment strategist since 2004 of Legg Mason Capital
Management, the value investing unit chaired by famed fund
manager Bill Miller.
But Miller's performance fell off in recent years, one of a
number of problems that have held back Baltimore-based Legg
Mason's overall growth and led to the company's ongoing efforts
to find a new chief executive.
Last year Miller stepped back from running the largest fund,
Value Trust, now managed by Sam Peters. Peters also
took over as chief investment officer of the unit.
Neither Mauboussin nor Peters immediately returned messages.
Legg Mason spokeswoman Mary Athridge said Mauboussin is
promoting his new book, "The Success Equation: Untangling Skill
and Luck in Business, Sports, and Investing," and may start a
new role with another firm.
Mauboussin is still listed as an adjunct professor at
Columbia University's business school and as chair of the board
of the Santa Fe Institute, according to their websites.