The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
Wednesday, May 15, 2019|
Will Peltz Duke It Out With This Fund Firm, Again?
Nelson Peltz and his team may getting ready for a rematch with the management of a certain publicly traded asset manager.
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.
Printed from: MFWire.com/story.asp?s=59719
Copyright 2019, InvestmentWires, Inc.
All Rights Reserved