Activist investor Nelson Peltz has turned down the heat on Mark Fetting and the senior management team at Legg Mason, but that does not necessarily mean that he is through with the asset management business.

Now Peltz appears to have turned his attention to Lazard [profile]. Trian Partners, Peltz's investment firm, has purchased a 5.1-percent stake in the more than 150 year old company, reported Stephen Taub with Institutional Investor.

According to a 13F filing, the purchases were as of March 31.

"We are always looking for value at Trian," Peltz said in an interview Tuesday morning on CNBC. "We love great brands and great franchises. This clearly meets those criteria."

Taub reported that Lazard was recently near its 52-week low, but had gone up 6.64 percent following the announcement of the purchase.

While Lazard is primarily an investment bank, it does advise a family of mutual funds.  

Edited by: Ben Geier


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