Trian Fund Management, the hedge fund managed by activist investor, Nelson Peltz reduced its stake in State Street Corporation (NYSE:STT); however, it is unknown how much of his holdings were sold, according to a report from FIN alternatives.

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State Street Corporation (NYSE:STT) is one of the largest holdings of Trian Fund Management. The hedge fund held a 10.92 percent stake in the company, as of September 30, 2012, based on its 13F filing with the Securities and Exchange Commission (SEC).

According to the report, Trian Fund Management bought his shares in State Street Corporation (NYSE:STT) at around $34 per share. The hedge fund profited from selling its stakes in the custody bank because its current stock price is $20 higher. State Street is currently trading around $56 per share.

Fin alternatives also said the reason behind Trian Fund’s decision to reduce some of its position the custody is unclear, since the current stock price of State Street is still far from its $99 estimate if it would implement its plans.

Back in 2011, Peltz asked State Street to consider some options to boost its profitability including the sale of its investment management division. According to Peltz, State Street focused on boosting its revenue at the expense of profitability and returning capital to shareholders. According to him, despite the leadership of State Street in the industry, it generated negative returns to shareholders.

On January 18, State Street Corporation (NYSE:STT) announced its plan to cut 630 jobs worldwide to improve its earnings because of the negative impact of low interest rates, which reduces its revenue from lending and trading activity of clients.

According to Joseph L. Hooley, chairman, president and CEO of State Street, the workforce reduction is part of the company’s strategy to create a “leaner, more efficient, and more profitable enterprise.”

In its filing with the SEC, the company cited that the action would help the custody bank to “better align expenses with its business outlook for 2013.” During the fourth quarter of 2012, the custody bank’s revenue increased by 6 percent to $2.45 billion from its result in the same period in the previous year. Its net income was also higher at $468 million.

Meanwhile, Tian Fund was successful with its activism towards Ingersoll-Rand PLC (NYSE:IR) last year, after the industrial and machinery conglomerate adopted the recommendation of Peltz to spin off its security business.