Corsair nabs CSFB exec vice chair

Corsair Capital, the financial services supergroup spinning out of JP Morgan, has added a new star partner - Richard Thornburgh, an executive vice chairman at Credit Suisse First Boston.

Corsair Capital LLC has named Richard Thornburgh as a partner at the financial services-focused private equity firm.

Thornburgh is currently an executive vice chairman at Credit Suisse First Boston in New York. He will leave the firm at the end of the year.

Corsair, a private equity affiliate of JP Morgan since 1993, recently announced it will spin out of its parent company and form an independent private equity firm.

Corsair is led by chairman Nicholas Paumgarten and includes Ignacio Jayanti and T. Kimball Brooker, Jr. The firm is based in New York and has announced plans for a London office. Corsair also recently announced the appointment of Luqman Arnold, the former CEO of UK consumer bank Abbey National, as a partner in London.

In a statement, Paumgarten said he had known Thornburgh for 30 years. Thornburgh’s “deep knowledge of financial services across a diverse set of sub-sectors and geographies will be an invaluable asset to Corsair. . .” said Paumgarten.

Since 1993, Corsair has invested approximately $1 billion in banks, insurance companies, asset managers and specialty lenders, according to the statement.

Thornburgh has been nominated for election to the board of directors of Credit Suisse Group and will be invited to join in the Board’s Risk Committee.

Corsair’s spin-out from JP Morgan follows the spin-out of JP Morgan Partners, a larger private equity division. One Equity Partners remains a captive private equity entity of JP Morgan following the acquisition of former One Equity parent Bank One.