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Rating:Legg Mason Chief Speaks Out on Breakup Speculation Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, November 11, 2009

Legg Mason Chief Speaks Out on Breakup Speculation

News summary by MFWire's editors

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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