Sam Peters competes in triathlons, is an amateur pilot and from April will run the Legg Mason flagship Value fund solo. He replaces Legg Mason lifer Bill Miller, whose 30 years were defined by outstanding performance, but whose Teflon reputation was tarnished by buying large stakes in US bank stocks ahead of the financial crisis.

Miller will run the fund with Peters until April and remain as chairman of Legg Mason Capital Management.