[NEW YORK] Shanda Group, a Singapore-based investing holding company, agreed to buy a 9.9 per cent stake in money manager Legg Mason from activist investor Trian Fund Management.
Trian is selling "substantiall all" of the shares it owns, according to a statement on Tuesday from Baltimore-based Legg Mason. The statement didn't give a price for the stake in the money manager.
"We are pleased to welcome Shanda as a long-term strategic shareholder," Joseph A Sullivan, the chairman and chief executive officer of Legg Mason, said in the statement.
"We look forward to benefiting from their expertise in important areas of growth for us."