Peltz on board, says Legg Mason

Legg Mason chief executive Mark Fetting has denied suggestions that hedge fund manager Nelson Peltz, the money manager’s newest board member, might be pressing to carve up the firm. Peltz, an activist investor known for demanding change at jeweller Tiffany & Co and fast-food chain Wendy’s, joined the Baltimore-based asset manager’s board last month. Since then, speculation has mounted that Peltz  might urge Legg to spin off units.