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Rating:Will Peltz Duke It Out With This Fund Firm, Again? Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, May 15, 2019

Will Peltz Duke It Out With This Fund Firm, Again?

News summary by MFWire's editors

Nelson Peltz and his team may getting ready for a rematch with the management of a certain publicly traded asset manager.

Joseph A. Sullivan
Legg Mason Global Asset Management
Chairman & CEO
Peltz's Trian Fund Management may soon push changes at Legg Mason [profile], the Wall Street Journal and Reuters report. Unnamed sources say that Trian might push for more cost cuts at the Baltimore-based fund firm, whose share price has fallen 15.5 percent year-over-year. Word is that Trian is already in discussions with Legg management.

Craig Siegenthaler, a Legg-watching analyst at Credit Suisse, views the Trian-Legg as a positive sign for Legg.

"It raises our confidence behind LM's $100M+ 2Y expense cut target," Siegenthaler writes.

Peltz and Legg Mason, now led by CEO Joe Sullivan, have been connected for a decade. In 2009, Trian bought about nine percent of the company and Peltz joined Legg's board. He continued upping Trian's Legg stake to become its biggest shareholder, successfully pushed for a share buyback, and stayed invested as crisis-era Legg CEO Mark Fetting departed and Sullivan stepped up, first on an interim basis and then on a permanent one. Peltz left the Legg board in 2014, and in 2016 Trian mostly exited its Legg position. 

Edited by: Neil Anderson, Managing Editor

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