BALTIMORE and NEW YORK CITY—Legg Mason Inc. and LightyearCapital said Friday they had agreed to a deal in which Legg Masonwill take a majority stake in Clarion Partners. Baltimore-basedLegg Mason will pay $585 million for its 83% ownership, whileClarion's management team will retain their minority stake.

Clarion chairman and CEO Stephen Furnary calls Legg Mason "anideal partner for Clarion Partners. He adds that the new owners"understand and relate well to our strong fiduciary culture and theimportance of maintaining an autonomous Clarion partnership brand."Furnary will continue in his current role.

At New York City-based Lightyear, managing partner Mark Vassallosays, "With Clarion's strong market position, the company hasattracted the interest of one of the world's largest global assetmanagement firms. We are confident there is a bright future aheadfor Clarion Partners."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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.

National