Nelson Peltzs' Trian Fund Management LP may push Legg Mason Inc. to impleme...
NEW YORK - Nelson Peltzs’ Trian Fund Management LP may push Legg Mason Inc. to implement changes to boost returns, a person familiar with the matter said on Tuesday, the second time in 10 years that Trian has targeted the mutual fund company.
The two sides have discussed cutting costs, the source said, and Legg Mason chairman, president and chief executive officer Joseph Sullivan said on an earnings call on Monday that the company plans to manage costs more effectively to improve profitability. Like many other mutual fund firms, Legg Mason has been hit hard by investors’ shifting tastes for less expensive index funds offered by larger firms, including Vanguard Group.
Peltz first set his sights on the Baltimore-based company ten years ago and ended up being offered a seat on the board, which he held until late 2014.
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