Trian Fund Management
Trian Now Largest Shareholder of Another Money Manager
Activist hedge fund manager Trian Fund Management has become the largest shareholder of another money manager.
The New York-based hedge fund has continued buying up shares of Legg Mason, increasing its stake on Monday to 5.6%. That puts Nelson Peltz’s Trian ahead of Dodge & Cox, which owns 5.5% of the Baltimore-based asset management giant, which includes hedge fund manager Permal.
Trian bought more than 2 million shares on Monday, increasing its stake in Legg by some 28%.
Peltz’s Legg buying spree cannot last forever. As part of the deal that put him on the firm’s board, Peltz agreed not to build a stake larger than 9.9% during a standstill period that could run another two years. Source
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