Nelson Peltz’s Trian Fund Management may push Legg Mason to implement changes to boost shareholder returns, Reuters reported on May 14 citing a person familiar with the matter. Peltz invested in the asset manager a decade ago and had a seat on the board from 2009 to 2014.
On May 13, Legg Mason reported a loss of $29 million in the financial year ended March 31 compared with a profit of $285 million in the previous year. Revenue declined 8% to $2.9 billion. The company had $758 billion of assets under management at March 31.
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