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.

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