Bill Miller: Departure from Legg Mason 'final step...

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Bill Miller’s exit from Legg Mason Inc. after 35 years came as a surprise to the finance world Thursday, but it has been in the works for years. The legendary stock picker said his acquisition of Legg Mason’s interests in LMM LLC, an investment advisory company he co-founded in 1999. On the company’s website, Miller said it was the “final step in a long process.” Legg Mason (NYSE: LM) announced Miller, 66, will acquire all of its interests in LMM LLC. Prior to the transaction, Miller owned about…