Warburg Pincus LLC has agreed to acquire a majority stake in Source, Bloomberg reported. Warburg Pincus is one of the biggest private equity companies in the world while Source is a UK-based asset management firm. The companies did not disclose the price tag of the deal.

In a statement about the acquisition, the existing stakeholders of Source will continue to own a minority stake. These shareholders are Bank of America Corp, Goldman Sachs Group Inc, JPMorgan Chase & Co, Morgan Stanley and Nomura Holdings Inc.

Established in 2009, Source provides investment opportunities in equities, fixed income and commodities via exchange traded funds and exchange traded commodities. The report said ETFs and ETCs are investment funds that monitor the stocks, bonds and commodities indexes in exchanges around the world. It manages over $15 billion in assets, according to the statement.

The statement said that the purchase will be made by a Warburg Pincus affiliate. As part of the deal, Warburg Pincus Executive-in-Residence Lee Kranefuss will be serving as Source's Executive Chairman. In his role, he will be collaborating closely with Source's management team under the leadership of Chief Executive Officer Ted Hood to further develop the business.

Kranefuss was responsible for building iShares as the biggest ETF platform in the world when he served as its Global Chief Executive Officer. iShares was formerly a part of Barclays Global Investors, the statement said.

The statement also said that the deal will give Source with significantly more resources that will allow it to develop and introduce new products, improve its current offerings, grow client relationships and provide investor solutions.

Source Chief Executive Officer Ted Hood said in the statement, "I am delighted to welcome Warburg Pincus as a shareholder and Lee Kranefuss as our new Executive Chairman.  I am proud of everything that Source has achieved since it was founded only a few years ago and look forward to building on our success with the support of Lee and Warburg Pincus. This investment will provide us with additional capital to further enhance the value that we offer investors."