Warburg Pincus Said to Weigh Sale of Stake in Source ETP UnitBy and
Private equity firm working with JPMorgan on potential sale
Source has over $19 billion in assets under management
The private equity firm is working with JPMorgan Chase & Co. to find a buyer, the people said, asking not to be identified as the talks are private. The sale could fetch about $500 million, one of the people said. Representatives for Warburg Pincus and JPMorgan declined to comment.
Source, based in London, had more than $19 billion in assets under management as of July 2014, the year Warburg Pincus made its investment. The company partners with investment firms and asset managers to create exchange-traded products, such as funds that track European banks and the FTSE 100 Index.
Bank of America Corp., Goldman Sachs Group Inc., JPMorgan, Morgan Stanley and Nomura Holdings Inc. hold minority stakes in Source, according to Warburg Pincus’s website.