Warburg Pincus acquires Source

The existing backers, which include Bank of America Merrill Lynch, Goldman Sachs, JP Morgan, Morgan Stanley and Nomura, will continue as minority shareholders.

The fresh capital will be used for developing and launching new products, improving the existing range and expanding client relationships. Following the transaction, Source will pursue growth and consolidation through both organic expansion and strategic acquisitions.

Founded in 1966, Warburg Pincus has in excess of $35bn in assets under management and is focused on growth investing. Investments include Arch Capital Group, Aeolus Re, Dime Bancorp and HDFC.

Company
Established in April 2009 and based in London, Source provides equity, fixed-income, commodity and alternative market exposure through Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs).

With in excess of $15bn in assets under management, Source's products have traded in excess of $510bn.

People
Cary Davis is a managing director at Warburg Pincus. The GP's executive-in-residence Lee Kranefuss is the incoming executive chairman of Source. Ted Hood is the CEO of Source.

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