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Legg Mason rises on report activist Nelson Peltz may wage fight to turn around the money manager

Maggie Fitzgerald

Activist investor Trian reportedly held discussions with Legg Mason encouraging the firm to cut costs and improve margins, people familiar with the matter told The Wall Street Journal. The Baltimore-based investment firm, with $758 billion in assets under management, has struggled with changing trends in the investment industry. Shares of Legg Mason LM popped after The Wall Street Journal  reported  that Nelson Peltz's Trian may wage a fight to turn around the struggling investment firm.