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By Kanishka Singh
(-) – Legg Mason Inc (NYSE:) mentioned on Thursday that the mutual fund firm is chopping 120 jobs, or about 12% of its company workforce, with the step coming solely days after the appointment of Trian Fund Management LP’s Nelson Peltz and Ed Garden as administrators.
Most of the job cuts will probably be coming from shared providers like human sources or finance, a Legg Mason spokeswoman instructed -.
The job cuts had been reported earlier by Bloomberg.
On Monday, Legg Mason had raised the dimensions of its board to 12 members with the appointments of Peltz and Garden.
It had been reported that Trian would possibly push for modifications at Legg Mason to spice up returns.
Trian will determine a 3rd impartial director to be nominated at Legg Mason’s annual assembly of shareholders.
Legg Mason has been focused by Trian for the second time in a decade. Peltz first set his sights on the Baltimore-based firm 10 years in the past and ended up being supplied a seat on the board, which he held till late 2014.
As produce other mutual fund corporations, Legg Mason has been hit laborious by traders’ shifting tastes for inexpensive index funds supplied by bigger corporations, together with Vanguard Group.
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