Jan 28 Trian Fund Management LP, founded by
activist investor Nelson Peltz, has partially sold its stake in
State Street Corp, 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.
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 Sept. 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.