Published April 12, 2016 7:35am EDT | Updated April 12, 2016 12:05pm EDT

Shanda Group Agrees To Buy 9.9% Stake In Legg Mason

Singapore-based Shanda Group has agreed with Trian Fund Management to purchase a 9.9% stake in asset manager Legg Mason Inc. , the companies said in a statement Tuesday. Legg Mason shares rose 1.7% in premarket trade, but are down 20% in the year so far, while the S&P 500 is down 0.1%.