Activist hedge fund manager Nelson Peltz has joined the board of directors of Legg Mason after his Trian Fund Management built up a 4.3% stake in the asset management firm.

Legg Mason said it invited Peltz to join the board as part of a deal with Trian. Under the terms of that agreement, the hedge fund is barred from buying more than 9.9% of the Baltimore-based firm and will throw its support behind Legg’s own director nominees.

Peltz is perhaps best known for his food industry investments. His Triarc Cos. Bought Arby’s Restaurant Group and Wendy’s, and he serves on the board of directors of condiment maker H.J. Heinz.