Clients
Trian Fund Management serves 29 clients, 27 of them pooled investment vehicles. The average client has about $358 million with the firm, and high-net-worth clients hold 4% of its $10.4 billion in assets.
- High-net-worth individuals2 clients4%
- Pooled investment vehicles27 clients96%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| High-net-worth individuals | 2 | $387,958,416 | 3.7% | $194.0M |
| Pooled investment vehicles | 27 | $10,004,891,721 | 96.3% | $370.6M |
| Total | 29 | $10,392,850,137 | 100% | $358.4M |
- Clients
- 2
- Regulatory AUM
- $387,958,416
- Share
- 3.7%
- Avg. per client
- $194.0M
- Clients
- 27
- Regulatory AUM
- $10,004,891,721
- Share
- 96.3%
- Avg. per client
- $370.6M
Total
- Clients
- 29
- Regulatory AUM
- $10,392,850,137
- Share
- 100%
- Avg. per client
- $358.4M
What it does
Trian Fund Management provides portfolio management for pooled vehicles and other activities. It is paid through a percentage of assets and performance-based fees.
Trian Fund Management advises 22 private funds.
79.9% of assets ($8.30B across 25 accounts) are managed with discretion; $2.09B across 4 accounts are not. 52% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks100%
- Non-exchange-traded equities81%
- Exchange-traded equities19%
Custodians
Trian Fund Management’s client accounts are held mainly at Merrill Lynch, Pierce, Fenner & Smith, with 2% of managed assets, and Bank of America, N.A., with 1%. Trian Fund Management has custody of $3.13B for 5 clients.
- Merrill Lynch, Pierce, Fenner & SmithMerrill Lynch, Pierce, Fenner & Smith Incorporated · New York, NY · $216.1M2%
- Bank of America, N.A.Bank of America, N.A. · New York, NY · $126.1M1%
- OtherUBS Financial Services, All other custodians97%
Ownership and leadership
Nelson Peltz owns 50% to 75% of Trian Fund Management, and Nelson Peltz is its CEO.
- Owns 50% to 75% of Trian Fund Management, L.P.
Nelson Peltz
Control person · since September 2005
- Owns 10% to 25% of Trian Fund Management, L.P.
Darren Peltz
Control person · since January 2025
- Owns 5% to 10% of Trian Fund Management, L.P.
Peter May
Control person · since September 2005
Joshua Frank
Investment committee member of Trian Fund Management GP, LLC · Control person · since May 2023
Brian Schorr
Chief legal officer and investment committee member of Trian Fund Management GP, LLC · Control person · since May 2023
Brian Baldwin
Investment committee member of Trian Fund Management GP, LLC · Control person · since May 2023
Leadership
- Nelson PeltzChief Executive Officer, Limited Partner and Investment Committee Member
- Peter MayPresident, Limited Partner and Investment Committee Member
- Leonard WeedmanChief Financial Officer
- Mark LavelleChief Compliance Officer and Assistant General Counsel
- Brian BaldwinInvestment Committee Member
- Joshua FrankInvestment Committee Member
- Daniel MarxGeneral Counsel
- Darren PeltzInvestment Committee Member and Limited Partner
- Brian SchorrChief Legal Officer and Investment Committee Member
Staff
- 34 employees
- 14 in advisory functions
Reported holdings
Trian Fund Management’s reported 13F holdings total $4.23B across 8 positions, and the ten largest make up 100.0% of it.
- $4.23B
- Reported 13F value
- 8
- Positions
- 100.0%
- In the 10 largest
- +9.6%
- Value vs. prior quarter
- GE Aerospace35.6%
- Janus Henderson Group PLC31.5%
- Solventum Corporation · Com Shs15.0%
- Ferguson PLC New6.1%
- Wendys Co.6.0%
- GE Healthcare Technologies Inc..4.7%
- Invesco Ltd.1.0%
- Magnum Ice Cream Co NV0.1%
Together, the ten largest are 100.0% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $4.23B is not its $10.39B in regulatory assets and does not represent any individual client's portfolio.
Fees
Trian Fund Management is paid through a percentage of assets under management and performance-based fees.
Trian Fund Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Trian Fund Management has 1 office, with 2 listed addresses across 2 states.
Florida · 1 listed address
- 223 Sunset Avenue, Palm Beach
New York · 1 listed address
- 280 Park Avenue, New YorkHQ
Other business names
Trian Fund Management has reported 1 other business name to the SEC.
- Trian Partners
Registration details
- Legal name
- Trian Fund Management, L.P.
- Headquarters
- 280 Park Avenue, New York, NY 10017-1217
- Phone
- 212-451-3000
- Website
- Not reported
- SEC file
- 801-71968
- Structure
- Delaware limited partnership
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Trian Fund Management have?
Trian Fund Management has 29 clients and manages $10.4 billion for them, as of July 2026. They include 27 pooled investment vehicles and 2 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 July 2026
What services does Trian Fund Management offer?
Trian Fund Management provides portfolio management for pooled vehicles and other activities.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Trian Fund Management use?
Trian Fund Management’s separately managed account assets are held at Merrill Lynch, Pierce, Fenner & Smith Incorporated (New York, NY), with $216,075,612, Bank of America, N.A. (New York, NY), with $126,095,683 and UBS Financial Services Inc. (Weehawken, NJ), with $45,787,121. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 July 2026
How many financial advisors does Trian Fund Management have?
Trian Fund Management has 0 investment adviser representatives registered with state securities authorities, out of 34 employees, and 14 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Trian Fund Management invest in?
At the end of its last fiscal year, Trian Fund Management’s separately managed accounts held 81% non-exchange-traded equities and 19% exchange-traded equities. It advises 22 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Trian Fund Management?
Trian Fund Management’s direct owners are Nelson Peltz (50% to 75%), Peter May (5% to 10%) and Darren Peltz (10% to 25%).
Source: Form ADV Part 1A, Schedules A and B, filed 31 July 2026
How does Trian Fund Management get paid?
Trian Fund Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file