Salient to Investors:

Legg Mason is folding Bill Miller’s Legg Mason Capital Management division into its ClearBridge Investments equity unit as assets have tumbled and as it tries to reverse five years of client redemptions.

Assets at Legg Mason Capital Management have fallen to $7 billion from a peak of $70 billion in 2007. The Value fund’s assets have plunged 90 percent from a $21 billion peak in 2007, to $2.2 billion as of Jan. 14.

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