Trian Fund Management
Trian Now Largest Shareholder of Another Money Manager
Trian Fund Management has become the largest shareholder of another money manager. The hedge fund boosted its shares in Legg Mason. Trian now holds a 5.6% interest in Legg; but Trian's manager, Nelson Peltz, agreed not to exceed 9.9% of the firm's shares.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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