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.
Mauboussin said via e-mail that, "My tenure at LMCM was
wonderful and I appreciate that I had the opportunity to work
with great colleagues and to do fulfilling work. I have been
presented with a number of attractive options and this seems
like a good time to open a new professional chapter."
Peters did not immediately return a message.
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 will remain an adjunct professor at Columbia
University's business school and as chair of the board of the
Santa Fe Institute, he said.