Monday, 23rd November 2009

 
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27 October 2009 - Press Briefing

Legg Mason appoints billionaire activist investor as director

Legg Mason on Monday named Nelson Peltz a director after the billionaire activist investor’s Trian hedge fund doubled its stake in the asset manager from 2.1% on June 30 to nearly 4.3%, according to a Bloomberg report.

In return for the director’s post, Peltz has agreed to a "standstill" agreement under which Trian will accumulate no more than 9.9% of Legg Mason stock up to 2012 and vote its shares in favour of the company's slate of director nominees in that period.

Tags: Asset Management , Hedge Funds

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