US private equity firm Warburg Pincus has shunned leverage for its acquisition of a majority stake in European asset manager and exchange traded funds-provider Source from a group of investment banks in a $300 million deal.

Source said in a statement that Warburg Pincus would become its major shareholder after agreeing a deal with stakeholders Bank of America Merrill Lynch, Goldman Sachs, JP Morgan, Morgan Stanley and Nomura. The banks will retain a minority stake, Source said.