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Tuesday, June 01, 2010

Peltz Ups His Legg Mason Stake

News summary by MFWire's editors

Are things about to get a little more rocky for Legg Mason CEO Mark Fetting? Nelson Peltz, an investor known for shaking up what he feels are poorly managed companies is upping his stake in the Baltimore-based mutual fund advisor and asset manager.

Some outside observers speculate that the firm's May reorganization was, in part at least, an attempt to please Peltz (see The MFWire.com, May 10, 2010).

Last week Peltz' Trian Fund Management pool purchased 144,600 shares of the company for $4.06 million ($28.08 per share). The purchase was revealed in an SEC filing.

All counted, the New York City-based fund controlled by Peltz now owns 10.083 million Legg Mason shares, or roughly six percent of the shares outstanding. 

Edited by: Sean Hanna, Editor in Chief

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