The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Peltz Shakes Legg Mason Shares Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, June 25, 2009

Peltz Shakes Legg Mason Shares

News summary by MFWire's editors

Private investor Nelson Peltz gave Legg Mason's shares a boost in price Wednesday. The asset manager's stock price jumped 11 percent after the Daily Telegraph reported that Trian had purchased about nine percent of the company. Trian is controlled by Peltz and had disclosed a 0.51 percent stake in March.

Peltz's plan, according to an unnamed source quoted by the London paper, is to raise his stake to 20 percent to "persuade the management to give him a couple of board seats so he can create value for shareholders." Peltz is known as a deep value investor. In 2007 he purchased a stake in Cadbury Schweppes and eventually forced the spin-off of a division of that company.

The story added that Trian now owns 12 to 13 million shares in Legg Mason, which managed $632 billion of assets as of the end of March.

The Baltimore-based Legg Mason was founded in 1899 and is one of the 10 largest mutual fund complexes distributed by brokers. Its primary brands include the Legg Mason Funds and fixed income specialist Western Asset Management. 

Edited by: Sean Hanna, Editor in Chief

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use