Peltz gets place on Legg Mason board

Billionaire activist investor Nelson Peltz will be elected to Legg Mason Inc's board, the US asset manager said yesterday, in a move that would avoid a proxy fight for the next two years.

Peltz's Trian Fund Management and Legg Mason agreed to a pact where the fund will not accumulate more than 9.9 percent of Legg stock for the next two years, Legg Mason said.

Trian holds about 6.94 million shares, or 4.3 percent, in the asset manager, Legg Mason said.