By David Benoit and Saabira Chaudhuri 

The sleepy world of back-office banking is about to get a bit of action following Trian Fund Management LP's purchase of a large stake in Bank of New York Mellon Corp.

Trian, run by Nelson Peltz, said Monday that it has bought a position valued at $1.05 billion in BNY Mellon, representing a 2.5% stake. The move is rare in the world of activist investors, who typically avoid regulated businesses such as banks.

Mr. Peltz, 72 years old, and Trian haven't had any discussions with the bank's leaders, according to a person familiar with the matter, but plans to reach out to management to discuss ideas for creating more shareholder value.

While its plans for the bank aren't clear, Trian previously led an unsuccessful campaign in 2011 to persuade BNY Mellon rival State Street Corp. to separate its investment-management arm. BNY Mellon has faced pressure to cut costs and consider selling or spinning off some of its units, including its poorly performing corporate-trust business, which processes principal and interest payments for debt issuers and represents investors in defaults.

"Trian is a respected investment firm. We look forward to engaging with them as we do all our investors," a BNY Mellon spokesman said.

The BNY Mellon stake would be among the activist investor's biggest, joining a roster of investments that includes PepsiCo Inc. and Wendy's Co. While BNY Mellon isn't quite a household name, it operates an important role on Wall Street.

BNY Mellon is known as a custody bank and safeguards some $27.9 trillion in assets for money managers, companies and other clients. It is also an investment manager, with $1.6 trillion of assets under management. As a custodian, the bank performs administrative functions on behalf of other banks and corporations.

The nation's largest banks are rarely targeted by activist investors, who take stakes in public companies and push for changes such as selling divisions or returning more capital to shareholders. Banks face strict regulation on making such decisions, which some activist investors say could complicate efforts to drive change from the outside.

Trian has been among the few activists to target banks. The firm sold its State Street stake after the bank's shares rose sharply amid a cost-cutting effort. Trian also holds a stake in investment bank Lazard Ltd. and said last year that it supported the bank's strategic plans.

Trian had a small stake in BNY Mellon as of the end of March but was able to keep it confidential until a Monday regulatory filing. Large investors are typically required to disclose holdings as of the end of each quarter but can request to keep some secret, allowing them to continue accumulating shares. Trian got such treatment for its BNY Mellon investment at the end of the first quarter.

BNY Mellon already has made significant changes this year. It recently sold its corporate headquarters building for $585 million, and in May said that it was exploring the possibility of selling its corporate trust unit.

That same month, it agreed to sell its stake in Hong Kong-based Wing Hang Bank Ltd., a move that is expected to result in a gain of about $500 million. The bank is also selling its 49% stake in BNY Mellon Western Fund Management Co., its joint venture fund-management company in China, a person familiar with the situation has said.

BNY Mellon's moves haven't been in response to any specific shareholder push, according to a person familiar with the matter.

As low interest rates continue to pressure bank earnings, BNY Mellon has been focused on cutting expenses. In the first quarter, BNY Mellon reported noninterest expenses that were down both from the year earlier and the prior quarter, helping the bank log a profit that beat Wall Street estimates.

Over the past 12 months, its shares have gained 34%, outpacing both the S&P 500, up 22%, and the KBW Bank Index, up 16%, a collection of banking industry stocks. On Monday, the shares closed up 3.5%, to $37.48. The bank has a market capitalization of about $42.7 billion.

Sandler O'Neill analyst Jeffery Harte said BNY Mellon's progress on widening its pretax profit margins has lagged behind that of rivals State Street and Northern Trust Corp., and investors are looking for the bank to intensify its efforts to cut costs.

At its annual meeting in April, Chief Executive Gerald Hassell said the bank is consolidating space and its technology platforms. BNY Mellon is also eliminating duplication in its client coverage team and bringing application development in-house to cut costs. Since Mr. Hassell became the bank's CEO in August 2011, the company's shares have jumped more than 80%.

Still, some, like CLSA analyst Mike Mayo, think the bank could be doing more.

"Despite actions taken by management, our bias is to see more aggressive actions and targets away from the status quo," Mr. Mayo wrote in April following the bank's annual meeting.

He has been calling for a restructuring of BNY Mellon since February, saying the bank is underperforming its peers on margins and costs. Mr. Mayo at the time suggested separating the bank's asset-management arm and getting out of fixed-income trading.

At the April shareholder meeting, Mr. Hassell said the bank has examined a possible spinoff or separation and found it wouldn't create additional value for shareholders.

Write to David Benoit at david.benoit@wsj.com

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