Lightyear Capital and the management of property specialist, ING Clarion Partners, will acquire the U.S. asset management firm from ING Group. The financial details of the transaction are not disclosed by any of the parties.

As a part of the agreement, chairman and CEO of Clarion Partners, Steve Furnary will continue to serve on the board of directors of the firm, along with Light year’s Chairman, Don Marron, who will serve as lead director on the board. ING acquired New York-based Clarion Partners to be a key division of the global real estate organization in April 1998.

Click here for the release from ING Clarion Partners.