Trian Fund Management LP, founded by activist investor Nelson Peltz, has partially sold its stake in State Street Corp (STT.N), the Wall Street Journal reported, citing people familiar with the decision.
It was not clear how much Trian still owns of State Street, the world's No. 2 stand-alone custody bank. The size of its stake is likely to be disclosed next month as part of the New York investment firm's overall holdings, the Journal said. (link.reuters.com/dus55t)
While Trian made a profit on the sale, the move came at a per-share price far below what Peltz and the firm's two other founding partners said State Street would be worth if it followed their "action plan," the newspaper reported.
Trian is State Street's eighth-largest investor, owning about 2 percent of the company's stock based on the reporting date of September 30, according to Thomson Reuters data.
Custody banks lend stocks, track mutual fund prices and collect and distribute dividend and interest payments for investors. Trian could not immediately be reached for comment by Reuters outside of regular U.S. business hours.