The news for Legg Mason has not been all sunshine and roses since they swapped their brokerage arm for CitiGroups' fund business. Barron's reports that many of Legg's biggest equity funds are slumping, even though it has a strong lineup of veteran managers with good long-term records, including Bill Miller who beat the S&P 500 for 15 years. Unfortunately for Legg, his streak ended last year. The funds' subpar performance has led to net cash outflows for the funds as investors have short memories and tend to remember the bad times. 

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