Staff
Trian Fund Management, led by activist investor Nelson Peltz, has purchased a nearly 2.5% stake in Bank of New York Mellon.
The company owns 28.9 million shares of the bank worth about US$1.05 billion.
Trian has often bought up stakes in companies and tried to persuade management to enhance shareholder value. It was one of the shareholders that pressed Wendy’s to spin off Tim Hortons in 2006.
In 2011, Trian purchased shares of State Street and tried to get the company to increase earnings and consider selling its investment management division.
Two years later, Trian sold its stake after State Street cut costs and the shares doubled.
Related article: