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Report: Warburg Pincus seeks up to $500M from ETF manager sale

is seekingbetween $400 million to $500 million from the sale of exchange-traded fund providerSource, Europe's seventh-largest ETF manager with $21.6 billion in assets, the Financial Times reported Oct. 7, citing"people briefed on the plan."

Sourcestruggled to achieve profitability as ETF providers including larger rivalsBlackRock Inc.,Deutsche Asset Managementand Lyxor Asset ManagementInc. engage in an ETF price war.

wasapproached as a possible acquirer, according to the report.

The rumorcomes amid an upheaval in Europe's asset management industry, with preparing tofloat a minoritystake of its asset management unit and Commerzbank AG spinning off its ETF business.