Investment adviser Financial Engines Inc. (Nasdaq: FNGN) is buying the Mutual Fund Store LLC from Warburg Pincus for $560 million in cash and stock.

Purchase details call for Financial Engines to pay $250 million in cash and issue 10 million shares in common stock, giving Warburg Pincus a 12.5 percent stake in Financial Engines. As a result, Warburg Pincus managing director Michael Martin will join the buyer’s board. The PE firm acquired the Mutual Fund store in 2011.

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