Bank of New York Mellon Corp. (BK) said Tuesday that it was putting a representative from Nelson Peltz's Trian Fund Management LP on its board.
The New York-based financial services company said that Ed Garden, Trian's co-founder and CIO was joining the bank's board, effective immediately. His appointment expands the board membership to 14.
Bank of New York Mellon has $28.3 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management as of Sept. 30. Trian has a 2.6% stake in the bank.
Gerald Hassell, the bank's chairman and CEO said in a statement there had been discussions with Garden and Trian "over the past several months about our progress towards improving our financial performance and capitalizing on the expanding opportunities in the markets we serve."
Peltz and his fund are better known for taking activist stances at consumer companies like PepsiCo Inc. (PEP) , where has been advocating for a separation of its beverages from its snack business. But this isn't his first foray into financial institutions. Peltz went after State Street Street Corp. (STT) in 2011, telling the company to cut costs and consider a sale of its asset management division. Peltz also had a board seat at Legg Mason Inc. (LM) since 2009, where his fund is the largest shareholder with an 11.2% stake. He relinquished that seat on Monday.
Trian did not immediately respond to a request for comment.