BALTIMORE, Aug. 11, 2016 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) ("Legg Mason") today announced that it has reached an agreement with Bill Miller for the acquisition by Mr. Miller of all of Legg Mason's interests in LMM LLC ("LMM"). As a result, Mr. Miller, together with companies he controls, will own 100% of LMM.

LMM provides investment management services to Legg Mason Opportunity Trust, Miller Income Opportunity Trust and related strategies. There will be no changes to the investment team or portfolio management responsibilities as a result of the transaction.

Bill Miller, Chief Investment Officer of LMM, said:  "This transaction affirms my ongoing commitment to managing our funds and to our investors. I am excited about the future of LMM, and our team is dedicated to our long-term, value-driven approach and to true active management.  I am thankful to Legg Mason for our 35-year relationship and to the many great people I've worked with along the way."

"Bill has been an important part of the growth and success of Legg Mason over the years and we appreciate his many contributions.  We wish Bill and his team continued success in the future. Today's announcement is consistent with Legg Mason's strategy of focusing on our nine diverse managers with size and scale that can be leveraged across global distribution," said Joseph A. Sullivan, Chairman and CEO of Legg Mason.

Terms of the transaction were not disclosed. The transaction is expected to close on or around the calendar year end, subject to customary conditions and regulatory approvals. 

About LMM LLC
LMM LLC is a registered investment advisor founded in 1999.  LMM's long-term, value-driven investment approach produces flexible strategies with high active share.  LMM is headquartered in Baltimore, Maryland, and has $1.8 billion in assets under management as of July 31, 2016.  

About Legg Mason
Legg Mason is a global asset management firm with $757 billion in assets under management as of July 31, 2016. The Company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange (symbol: LM).

Cautionary Note Regarding Forward-Looking Statements
The information contained in this press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Material factors and assumptions could cause actual results to differ materially from current expectations. Legg Mason does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Legg Mason disclaims any intent or obligation to update these forward-looking statements.

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SOURCE Legg Mason, Inc.