NEW YORK (TheStreet) -- Shares of Legg Mason(LM) - Get Report closed up by 1.96% to $32.19 on Tuesday, as Trian Fund Managementagreed to sell its 9.9% stake in the company to Singapore-based global investing firm Shanda Group.

"We are pleased to welcome Shanda as a long-term strategic shareholder. We look forward to benefiting from their expertise in important areas of growth for us," Legg Mason CEO Joseph A. Sullivan said in a statement.

Shanda has long-term investments across public market equity, fixed income, commodities, private equity and real estate. It focuses on value investment opportunities in financial services, technology and healthcare services.

Trian is selling "substantially" all of its shares to Shanda for portfolio management reasons. It believes that Shanda is a good strategic partner for Legg Mason, the statement said.

Legg Mason is a Baltimore, MD-based holding company that provides investment management and related services through its subsidiaries.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on Legg Mason stock.

The primary factors that have impacted the rating are mixed.

The company's strongest point has been its very decent return on equity which should persist.

At the same time, the team finds weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: LM

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