Ms Chris Gay and Mr Peters worked together on the Value Trust alongside Bill Miller and took the mandate over from the star manager in 2011.
Ms Gay joined Legg Mason in 1988 as a research analyst and has also been involved in running the group’s Dublin-based Value fund, a version of the US strategy, since its launch 15 years ago.
She was replaced on the Dublin-based fund on May 15 by Mr Peters.
Legg Mason confirmed that Ms Gay had left to “pursue other opportunities”.
From March 23 1998 to May 21 this year, the LMCM Value fund returned 53.9 per cent while the S&P 500 rose 122.4 per cent in the same period, according to FE Analytics.