Trian Ends Six-Year Push at Legg Mason With Sale to Shanda

Updated on
  • Activist exits after Legg lost 42% of its value in past year
  • Shanda sees growth opportunities in asset management business

Activist investor Trian Fund Management agreed to sell its 9.9 percent stake in Legg Mason Inc. to Shanda Group, ending a six-year push to lift the share price of the Baltimore-based money manager.

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