Legg Mason is entrusting another fund to Bill Miller. In addition to running Legg Mason Value and Legg Mason Opportunity, Miller will become part of a team that manages Legg Mason Partners All Cap starting January 1, Wenli Tan reports in Morningstar's Fund Times column.

Since the fund hit the market in February 2007, its record, Tan notes, has been "extremely poor." Like its peers, the fund has placed the wrong bet on financials.

Meanwhile, Tan applauded Legg Mason's decision to waive the fund's management fee of 70 bps from January 1 to June 30, 2009. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE