Legg Mason's largest shareholder Nelson Peltz sells stake to Singapore group

Legg Mason Inc. is about to have a new largest shareholder, as activist investor Nelson Peltz’s companies are selling their stake in the Baltimore-based money manager to a group based in Singapore. Peltz’s companies, Trian Fund Management L.P. and affiliates, have agreed to sell their 9.9 percent interest in Legg Mason (NYSE: LM) to Shanda Group, the parties announced Tuesday morning. Shanda Group is a global investing holding company based in Singapore that started as an online game company in…

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