Trian Fund Management has increased its stake in mutual fund manager Legg Mason by 24%, NASDAQ reports. Nelson Peltz, CEO of Trian, acquired about 2.7 million shares for about $76.5 million on behalf of Trian.

The fund management firm has raised its holding in Legg Mason to about 9.4%. As per a standstill agreement, Trian can own up to a 9.9% market share in Legg Mason. Peltz has been on Legg Mason’s board of directors since October 2009.

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