January 22, 2016, via Business Wire:

Lightyear Capital LLC, a New York-based private equity firm focused on financial services investing, today announced the sale of Clarion Partners Holdings LLC, a real estate investment firm, to Legg Mason, Inc. (NYSE:LM), a global asset management firm. The transaction is subject to customary regulatory and other approvals and is expected to close in the second quarter of 2016.

Founded in 1982, Clarion Partners is an SEC registered investment adviser and FINRA member firm, headquartered in New York. It has broad market reach in the Americas, with more than 280 employees in major markets throughout the U.S., Sao Paulo, Brazil and London, England. With assets under management of approximately $40 billion, Clarion Partners manages private equity real estate across a broad range of products and strategies for 200 domestic and international institutional investors. The entire senior Clarion Partners management team will remain invested with the firm. Legg Mason will use Clarion Partners as their primary global real estate investment management platform and brand going forward.

Read the full press release on Business Wire.