Shares of Legg Mason rose on a report that Trian may start an activist campaign against the investment management firm.
Trian reportedly held discussions with the firm encouraging them to cut costs and improve margins, people familiar with the matter told the WSJ.
Legg Mason a Baltimore-based investment firm with $758 billion assets under management, has struggled lately with its focus on active money management as low-cost passive investing in index funds and exchange-traded funds takes over the financial industry. Shares of Legg Mason have returned a negative 4% a year the last five years, badly trailing the 10% positive return of the overall financial industry and the S&P 500.
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