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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