MutualFundWire.com: Legg Mason Sees Trian as Still Devoted

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Monday, October 1, 2012

Legg Mason Sees Trian as Still Devoted

Trian's revelation that it has reduced its stake in Legg Mason [profile] came in an SEC filing on Friday. But does not mean that Trian — and Nelson Peltz — are planning to reduce their holdings in the Baltimore-based mutual fund sponsor. That is the latest word out of Legg Mason.

After the MFWire published on Friday evening, a Legg Mason spokeswoman reached out to inform us that Pelz continues to remain "higly committed" to his investment in Trian.

The statement in its entirety reads as follows:

Trian has indicated to Legg Mason that it remains highly committed to its Legg Mason investment. According to its amended 13D, Trian has not sold any Legg Mason shares and has no current intention to sell shares. Today's filing relates to a transfer of Legg Mason shares by Trian to an investor following the expiration of its lock-up period. Nelson Peltz will continue to serve on the Legg Mason Board, and we look forward to continuing to work with him to drive shareholder value.