Legg Mason Capital Management has named an eventual successor to veteran asset manager Bill Miller, whose fund outperformed the S&P 500 for 15 consecutive years before its winning streak came to an end in 2007.

The firm said in a statement that Miller, chairman and chief investment officer of Legg Mason Capital Management , has identified Sam Peters as his eventual successor on the Legg Mason Capital Management Value Trust. Peters joins Miller as a co-portfolio manager on the fund later this year and will also work with Mary Chris Gay, who is the assistant portfolio manager.