Activist hedge fund manager Nelson Peltz does not want to dismember Legg Mason, its CEO said.

Mark Fetting denied rumors that the Trian Fund Management chief, who joined Legg Mason’s board last month, wants the financial services firm to spin off one or more of its units. The firm’s fixed-income business, Western Asset Management, is the most frequently mentioned. Western, which manages most of Legg’s $700 billion in assets, has posted stronger returns this year than Legg as a whole.

“When you look at Trian their focus has always been on firms that have multibrands, and in our case we have multi-managers,” Fetting said at the Bank of America Merrill Lynch Banking and Financial Services conference, Reuters reports. “We share a mission of improving margin and it is not an area of disagreement but rather about saying let’s go make it happen.”

Peltz joined Legg’s board under an agreement that will keep him from buying more than 9.9% of the Baltimore-based firm. He also agreed to back the firm’s other director nominees.