The activist hedge fund Trian Fund Management became the largest shareholder of fund management company Legg Mason, after picking up two million shares on Monday.
The New York firm now owns 5.6% of Legg Mason, ahead of Dodge & Cox’s (a mutual fund) 5.5%.
FinAlternatives: 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.
Regardless, LM appears in play.