Legg Mason's legendary fund manager, Bill Miller, has seeded a new hedge fund, Ariance, with $50 million. Unusually, Miller is funding the investment using assets from Legg Mason's $1.4 billion mutual fund Opportunity Trust, in a move which may see further hedge fund investments flowing from the mutual fund giant.
The holding is in fact one of the fund's top 10 positions, accounting for 3.35% of total assets. Miller has also put a smaller sum with Hygrove, the US value-based, long/short equity fund run by Stacey Dutton.
Miller, known as the only equity money manager to have beaten the Standard