Frequently Asked Questions (FAQs)
What is the relationship between LMM and Legg Mason?
LMM is partially owned by Legg Mason, Inc., with LMM having majority control. LMM is responsible for all business and investment decisions, while Legg Mason helps LMM distribute its investment strategies.
What is the relationship between LMM and Legg Mason Capital Management (LMCM)?
LMM was founded in 1999. The Firm historically shared resources and personnel with Legg Mason Capital Management (LMCM). In June 2013, LMCM joined ClearBridge Investments, while LMM did not. LMM’s investment team is now an independent group within Legg Mason after the reorganization.
What is LMM’s relationship with 1919 Investment Counsel, LLC?
LMM shares trading and compliance personnel with and receives operational support from 1919 Investment Counsel.
Were there any changes to the investment team when LMM became an independent entity?
LMM has seen minimal changes to the investment team and approach. Bill Miller, the Chairman and Chief Investment Officer of LMM, has been managing Opportunity Equity since its launch in 1999. Samantha McLemore, a portfolio manager, has been working on Opportunity Equity with Bill since 2002. Bill and Samantha have consistently done the bulk of the research for the Opportunity Equity portfolio since inception. In 2013, Bill Miller IV began working exclusively for LMM as a portfolio manager for the Income Opportunity Strategy. He previously served as a research analyst at LMCM, covering specialty finance and consumer spaces with a focus on high-yielding securities. During his time at LMCM, Bill IV co-managed Income Opportunity Strategy with Bill Miller, as he continues to do presently. Christy Siegel joined LMM in 2013 as a research analyst, supporting both strategies.
How many employees work at LMM?
LMM has seven full-time employees: four investment professionals and three administrative staff. The team also has a part-time digital marketing guru and shares four traders and three compliance team members with 1919 Investment Counsel.
Is LMM an acronym?
No, LMM is not an acronym.