Baltimore Checkbook: Legg Mason closes acquisition of Clarion Partners

Wednesday, April 13, 2016

Legg Mason closes acquisition of Clarion Partners

Legg Mason Inc. has completed the largest of three deals under a major diversification push unveiled earlier this year, purchasing a majority stake in New York real estate investor Clarion Partners. Baltimore-based Legg (NYSE: LM) said Wednesday it closed on an 82 percent equity interest in Clarion. The deal was first announced in January with a value of $585 million. It gives Legg a new investment affiliate with $40 billion in assets under management and more than 30 years in the industry. Clarion,…