BALTIMORE—Global asset manager Legg Mason Inc. is in exclusive discussions to acquire majority ownership in Clarion Partners from Lightyear Capital, Bloomberg Business reported Monday evening. Spokesmen for Lightyear and Clarion declined to comment Tuesday; a Legg Mason spokeswoman told the firm could not comment on market rumors.

Citing people said to be familiar with the matter, Bloomberg reported that a deal would entail Legg Mason acquiring an 80% stake in Clarion, of which Lightyear Capital has been majority owner since 2011. Clarion CEO chairman and CEO Stephan Furnary and Furnary’s management team would continue to hold a 20% stake.

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