BALTIMORE and NEW YORK CITY—Legg Mason Inc. and Lightyear Capital said Friday they had agreed to a deal in which Legg Mason will take a majority stake in Clarion Partners. Baltimore-based Legg Mason will pay $585 million for its 83% ownership, while Clarion's management team will retain their minority stake.
Clarion chairman and CEO Stephen Furnary calls Legg Mason "an ideal partner for Clarion Partners. He adds that the new owners "understand and relate well to our strong fiduciary culture and the importance of maintaining an autonomous Clarion partnership brand." Furnary will continue in his current role.
At New York City-based Lightyear, managing partner Mark Vassallo says, "With Clarion's strong market position, the company has attracted the interest of one of the world's largest global asset management firms. We are confident there is a bright future ahead for Clarion Partners."
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
