Activist investor Nelson Peltz recently exited from his holding in the custody bank State Street Corp. Peltz was a founding partner of Trian Fund Management LP. 

Bloomberg, citing a filing with the Securities and Exchange Commission, said Trian Fund Management divested 1.86 million shares of the Boston-based financial services holding company. Trian Fund's stake had a market value of USD121.5 million, the news agency said. 

Trian Fund is an alternative investment fund based in New York. It acquired a stake in State Street two years ago to push for changes to bolster its share price, Bloomberg said. 

State Street cut costs and returned capital to shareholders more aggressively than rival banks, following suggestions made by Peltz and other Trian executives. As a result, State Street shares rose 50%, beating Bank of New York Mellon Corp.'s 29% and Northern Trust Corp.'s 14%, according to the Bloomberg report. 

State Street shares closed at USD70.62 yesterday. 

Separately, Trian Fund also sold its 2.07 million stake in auction house Sotheby's. The shares put up for sale had a market value of USD78.6 million, Bloomberg said.