Trian Takes Stake in Bank of New York Mellon
Stake Is Valued at About $1.05 Billio
Trian Fund Management LP has built a stake valued at about $1.05 billion in Bank of New York Mellon Corp. BK +4.47% , according to a person familiar with the matter.
The activist investor, led by Nelson Peltz, wants to discuss ideas for creating more shareholder value but hasn't yet had any conversations with the trust bank's management, the person said.
"Trian is a respected investment firm. We look forward to engaging with them as we do all our investors," a Bank of New York Mellon spokesman said Monday.
Bank of New York Mellon, an investment manager and the bank for Wall Street's banks, has made significant changes this year. It said in May that it would sell its corporate trust unit, and it sold its corporate headquarters building for $585 million.
Trian revealed the position for the first time Monday in a regulatory filing disclosing a small stake as of the end of March. The fund had told its own investors in a quarterly letter in April that it had a new "core position," though it provided few details on it at the time.