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Warburg Pincus goes to Source with majority stake in ETB provider

20 Jan 2014

Global private equity firm Warburg Pincus is to acquire a majority stake in Source, a London-based asset manager which focuses on exchange-traded products.

Existing investors including BofA Merrill Lynch, Goldman Sachs, J.P. Morgan, Morgan Stanley and Nomura will retain a minority stake following the deal.

This investment highlights the “significant opportunity” to grow Source’s assets and its product offering to investors in the European ETP market, Warburg Pincus said..

As part of the deal, Lee Kranefuss, executive‐in‐residence at Warburg Pincus, will join Source as executive chairman where he will work closely with the current management team led by CEO Ted Hood in order to develop the business further. Kranefuss was the architect and Global CEO of iShares, formerly part of Barclays Global Investors, which he built into the world’s largest global ETF platform.

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