Peltz keeps buying trend, increases Legg holdings

December 24, 2009

Activist investor Nelson Peltz has increased his stake in Legg Mason Inc. by 230,000 shares, bringing his Legg holdings to more than 8.7 million shares. The purchases Monday and Tuesday, following several purchases last week, mean he now owns about 5.4 percent of the company, the No. 2 shareholder behind San Francisco fund manager Dodge & Cox. Peltz joined Legg's board this fall and is known for targeting good but underperforming brands. Legg insists Peltz is not aiming to sell or break up the company, and said his Trian Fund Management LP has agreed not to acquire more than 9.9 percent of Legg stock in the next two years.

- A Baltimore Sun reporter

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