Since activist investor Nelson Peltz started hiking his stake in Legg Mason -- a move that eventually got him a spot on the Legg board last month -- speculation has swirled with regards to whether he might call for a breakup of the Baltimore fund firm. On Wednesday, Legg Mason CEO Mark Fetting said Peltz was not pressing for such a scenario, according to a Reuters report.

Fetting told attendees at the Bank of America Merrill Lynch Banking and Financial Services conference on Wednesday that neither Legg Mason nor Peltz has expressed a desire to split off any of Legg's subsidiaries.

"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, referring to Trian Fund Management, Peltz' company.

"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." Fetting said. 

Edited by: Armie Margaret Lee


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