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Corsair Capital, LLC

Richard E. Thornburgh to Join Corsair Capital LLC

London (ots)

Corsair Capital LLC, a private equity specialist
in financial services, announces that Richard E. Thornburgh will join
the firm as a Partner in February 2006.  Since 1993, the Corsair team
("Corsair") has been involved in investing approximately $1 billion
in a broad range of financial institutions around the world,
including banks, insurers, asset managers, and specialty lenders.
Mr. Thornburgh is currently Executive Vice Chairman at Credit
Suisse First Boston.  He has nearly 30 years of experience in the
global banking and financial services sector, and has held a number
of senior leadership positions at Credit Suisse Group.  Mr.
Thornburgh will step down from day-to-day management at Credit Suisse
at the end of 2005.  Credit Suisse has announced that he will be
nominated for election to the Board of Directors of Credit Suisse
Group at the April 2006 Annual General Meeting of Shareholders, and
will be invited to join the Board's Risk Committee.
Mr. Thornburgh will be based in Corsair's New York office.  His
appointment is intended to enhance the firm's global investment
origination and execution platform, as well as its ability to deliver
value-adding management and operational guidance to portfolio
companies in a diverse array of financial services sub-sectors.
Mr. Thornburgh will join the Corsair management team led by
Nicholas B. Paumgarten, D. T. Ignacio Jayanti, and T. Kimball
Brooker, Jr., who have together managed Corsair for more than a
decade.  Corsair recently announced the appointment of Luqman Arnold,
former CEO of the U.K. consumer bank Abbey National Plc and former
Chairman of the Group Executive Board of UBS AG, as a Partner in
London.
Corsair has historically been affiliated with the global financial
services firm JPMorgan, and has now agreed on an amicable separation
wherein Corsair Capital LLC has been established to operate as an
independent entity.
Nicholas B. Paumgarten, Chairman of Corsair Capital LLC,
commented:
"I have known Dick for 30 years.  He is one of my oldest
colleagues from First Boston, and will bring to our firm a
distinguished career at one of the leading financial institutions in
the world, including at the highest levels of executive management. 
His deep knowledge of financial services across a diverse set of
sub-sectors and geographies will be an invaluable asset to Corsair,
which is one of the longest-standing private equity investment teams
focused exclusively on financial services.  Dick will play a
particularly important role in representing Corsair to our portfolio
companies, where his stellar reputation in our industry should
command the respect and trust of both management teams and
co-shareholders."
(continued)
Richard E. Thornburgh commented:
"After 30 years advising managements and Boards of financial
institutions, I now look forward to contributing to the industry as
part of one of its most active investors. I'm particularly excited
about Corsair's prospects in this dynamic sector and am keen to apply
my experience and knowledge to this next phase of my career. Corsair
represents a tremendous opportunity to partner with a small group of
very talented individuals who have deep skills in this area. I also
wish to thank all of my colleagues and associates of Credit Suisse
Group and CSFB for contributing to what I feel has been a fulfilling
career in financial services and look forward to the opportunity to
continue serving Credit Suisse as an external board member."
Notes to Editors:
About Richard E. Thornburgh
Richard E. Thornburgh has nearly 30 years of investment banking
and financial services sector experience.  He is currently Executive
Vice Chairman of Credit Suisse First Boston and Member of the Credit
Suisse Group Executive Board.  He has served on the Executive Board
of Credit Suisse Group for the past nine years.  On November 2nd,
Credit Suisse Group announced that Mr. Thornburgh would step down
from day-to-day management at the end of 2005 and that he would be
nominated for election to join the Board of Directors of Credit
Suisse Group at the April 2006 Annual General Meeting of
Shareholders.  He will be invited to join the Board's Risk Committee.
Mr. Thornburgh began his career in 1976 with The First Boston
Corporation, a predecessor firm of the current CSFB.  He spent 20
years in the investment-banking department specializing in financial
institutions.  During that period he also ran the Los Angeles office
in the late 1980s and was the first global head of the financial
institutions group for CSFB.  He was an advisor on many of the
landmark M&A transactions that took place during the consolidation of
the U.S. regional banking industry in the 1980s and early 1990s.  He
spearheaded CSFB's mandate to advise on the privatization of the
Mexican banking industry, the recapitalization of the California
thrift industry, and served as advisor to the governments of Sweden,
New Zealand, South Australia, Mexico and Australia in the early
1990s.
During the past ten years his executive responsibilities have
included: Chief Financial and Administrative Officer of CS First
Boston, Chief Financial Officer of Credit Suisse Group, Vice Chairman
of the Executive Board of CSFB, and Chief Risk Officer of Credit
Suisse Group.
(continued)
Mr. Thornburgh is a member of the Financial Services Roundtable
and the International Institute of Finance. He has served on the
Executive Committee of the Securities Industry Association for the
past six years, and was Chairman of the SIA in 2004. He serves on the
executive committee of the University of Cincinnati Foundation and is
Co-chair of the Foundation's investment committee.
About Corsair Capital LLC
Corsair Capital LLC is a private equity specialist that focuses
exclusively on financial services companies worldwide.  An investment
team that has over 60 years of combined experience working in the
global financial services sector manages the firm, including more
than a decade of collaboration on Corsair investments.
Corsair has maintained a strong international focus, with over 65%
of capital invested outside of the United States.
Since 1993, the Corsair team has operated as employees of
JPMorgan.  Corsair Capital LLC was established to operate
independently of JPMorgan, and its senior management includes:
Nicholas B. Paumgarten.  Mr. Paumgarten is Chairman of Corsair
Capital LLC. He joined JPMorgan in 1992 to manage Corsair and has
participated in all of Corsair's investments. Mr. Paumgarten has held
a variety of senior positions on Wall Street, including Global
Co-Head of Financial Institutions at Credit Suisse First Boston,
Global Co-Head of Financial Institutions at JPMorgan, and Co-Head of
Mergers & Acquisitions for the Americas at JPMorgan.
D. T. Ignacio Jayanti.  Mr. Jayanti is President of Corsair
Capital LLC. He served as Secretary and Treasurer of Corsair (1994 to
2000) and as President of Corsair (2000 to 2005) and participated in
all Corsair's investments.  Mr. Jayanti's investment experience
includes sourcing, structuring and negotiating a variety of
investments, including transactions involving consortia where Corsair
has played a lead or principal role. Mr. Jayanti has also been a
Managing Director in JPMorgan's Financial Institutions area leading
the Emerging Markets group and prior to that worked at Credit Suisse
First Boston in the Financial Institutions department under Mr.
Paumgarten.
T. Kimball Brooker, Jr.  Mr. Brooker is Chief Investment Officer of
Corsair Capital LLC.  Mr. Brooker joined JPMorgan and Corsair in 1994
as an Associate and has served as Principal since 1999 and as Chief
Investment Officer since 2003. Mr. Brooker has been a Managing
Director at JPMorgan and served as an analyst in the Financial
Institutions Group at Lazard Frères prior to joining JPMorgan's
Financial Institutions department and Corsair in 1994.
Luqman Arnold.  Mr. Arnold joined Corsair Capital LLC in November
2005 as a Partner in London.  He was most recently CEO of Abbey
National Plc until he oversaw the completion of the sale of the bank
to Santander Central Hispano.  Prior to that, he spent five years
with UBS AG, becoming President and Chairman of the Group Executive
Board.  Previous roles include four years with Banque Paribas and ten
years with Credit Suisse First Boston.  Mr. Arnold is a member of the
UK Financial Services Authority led Financial Capability Steering
Group, and the FSA Practitioner Panel.
Contacts:
Brunswick
London  
Susan Gilchrist / Pamela Small
Tel. +44/20/7404-5959
New York
Steve Lipin / Melissa Daly
Tel. +1/212/333-3810
Hirzel. Neef. Schmid. Konsulenten
Zürich
Jörg Neef
Tel. +41/43/344'42'42

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Weitere Storys: Corsair Capital, LLC
  • 03.11.2005 – 11:16

    Luqman Arnold joins Corsair Capital LLC

    London (ots) - Corsair Capital LLC, a private equity specialist in financial services, announces that Luqman Arnold is joining the firm as a Partner as the Corsair team ("Corsair") enters a new phase operating independently of JPMorgan. Since 1993, Corsair has been involved in investing approximately $1 billion in a broad range of financial institutions around the world, including banks, insurers, asset managers, and ...