Bill Miller, the powerful Legg Mason fund manager who at last count controled 5.4 percent of all Yahoo shares, just became a little less powerful. He's lost a client, Massachusett's $50.6 billion pension fund, which held a board meeting Wednesday and voted to transfer $1.4 billion of holdings managed by Legg Mason to rival State Street Global Advisors. Miller was a vocal advocate for a Yahoo-Microsoft merger — one that would have paid his clients a 62 percent premium on their Yahoo shares and maybe have kept their billions with Legg Mason. (Photo by AP/Pizac)

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