Hits keep coming for Legg Mason

The credit crunch has been cruel to more than a few money managers. Bill Miller, the head of the Legg Mason Value Trust fund, is at the top of the list. He never gave up on financial stocks, even as they continued to crater. The old value mantras just plain let him down. He kept loading up on agency stocks as they fell--and fell. And that has now forced the fund to pare staff. Bloomberg reports that as many as 50 of 147 employees may be shown the door. Miller's main fund is down about 50 percent this year, and investors have fled. That isn't horrible considering that the market is down about 40 percent. And other funds are certainly hurting. Fidelity may lay of 400. Janus is also slashing. The Bloomberg article says Miller is reviewing his investment style. "Reviewing"? If he doesn't tinker, something's wrong.

For more:
- here's the Bloomberg article
- here's a Boston Globe article on Fidelity

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