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N.Y. investor Peltz buys a bigger share of Legg Mason

New York investor Nelson Peltz has acquired a bigger share of Baltimore-based Legg Mason Inc., buying 2.65 million shares of the Baltimore money manager for $76.5 million between Aug. 1 and Aug. 3, a Securities and Exchange Commission filing shows. The Baltimore Business Journal first reported the news.

Peltz's New York-based Trian Fund Management LP is the company's biggest shareholder, with 13.9 million shares, or 9.4 percent, after this week's purchases.

Peltz, a Legg Mason director, began buying shares in 2009. In a deal that will expire in March, Peltz became a member of Legg's board and agreed to limit his stake in the company to no more than 9.9 percent.

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