Posted AT 1:19 PM EST on 06/08/08
Massachusetts fund fires Legg Mason
BOSTON — Massachusetts' $50.6-billion (U.S.) pension fund Wednesday fired a Legg Mason Inc. unit run by fund manager Bill Miller and four other fund firms managing a $1.8-billion U.S. stocks portfolio due to poor performance.
The pension fund, at a board meeting, approved transferring about $1.4-billion of the $1.8-billion portfolio to asset manager State Street Global Advisors, a unit of State Street Corp.
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