Billionaire Activist Investor Nelson Peltz

Billionaire Activist Investor Nelson Peltz

Kevin Lorenzi/Bloomberg

Western Asset, a unit of Legg Mason Inc., is earning praise from one hard-to-please critic: Nelson Peltz. The activist investor, Legg Mason’s largest shareholder and a member of the company’s board since October 2009, said the performance will eventually translate into client deposits, after 15 straight quarters of withdrawals at the Baltimore-based parent.