and his team may getting ready for a rematch with the management of a certain publicly traded asset manager.
| Joseph A. Sullivan|
Legg Mason Global Asset Management
Chairman & CEO
Peltz's Trian Fund Management
may soon push changes at Legg Mason
], the Wall Street Journal
report. Unnamed sources say that Trian might push for more cost cuts
at the Baltimore-based fund firm, whose share price has fallen 15.5 percent year-over-year. Word is that Trian is already in discussions with Legg management.
, a Legg-watching analyst at Credit Suisse
, views the Trian-Legg as a positive sign for Legg.
"It raises our confidence behind LM's $100M+ 2Y expense cut target," Siegenthaler writes.
Peltz and Legg Mason, now led by CEO Joe Sullivan
, have been connected for a decade. In 2009, Trian bought
about nine percent of the company and Peltz joined
Legg's board. He continued upping
Trian's Legg stake to become its biggest shareholder, successfully pushed
for a share buyback, and stayed invested as crisis-era Legg CEO Mark Fetting departed
and Sullivan stepped up, first on an interim basis and then on a permanent one. Peltz left
the Legg board in 2014, and in 2016 Trian mostly exited
its Legg position.
Neil Anderson, Managing Editor
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