December 19, 2016 / 12:52 PM / 7 months ago

Shanda Group to increase stake in Legg Mason to up to 15 pct

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Dec 19 (Reuters) - Asset manager Legg Mason Inc said on Monday its largest shareholder, Shanda Group, plans to increase its stake in the company to up to 15 percent as part of a long-term strategic investment agreement.

Baltimore-based Legg Mason also appointed Shanda Group Chief Executive Tianqiao Chen and Robert Chiu, president of Shanda Group, to its board of directors.

Shanda Group had a 10.4 percent stake of Legg Mason as of July 6, according to Reuters data. (Reporting by Nikhil Subba in Bengaluru; Editing by Martina D'Couto)

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