Peltz Takes Legg Stake Up To 5.3%

Dec 23 2009 | 10:42am ET

Activist hedge fund manager Nelson Peltz continued buying up shares of Legg Mason, two months after joining the asset management giant’s board of directors.

Peltz’s hedge fund, Trian Fund Management, bought more than 822,000 Legg shares last week, increasing its stake to 5.3%. Less than a month ago, Trian owned 4.3% of the Baltimore-based firm, which includes hedge fund manager Permal.

One thing’s clear, however: Peltz’s Legg buying spree cannot last forever. As part of the deal that put him on the company’s board, Peltz agreed not to build a stake larger than 9.9% during a standstill period that could run another two years.


In Depth

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Editor's Note