Former JPMorgan chief to advise Aurora

William Harrison is the latest high level investment banker to cross over to the private equity industry.

US private equity firm Aurora Capital Group has added former JPMorgan Chase chief executive William Harrison to its advisory board. Harrison will help the firm source deals and evaluate prospective executives, Aurora said.

William Harrison

Harrison led JPMorgan Chase from 2001 until he ceded the chief executive position to Jamie Dimon at the end of 2005 and the chairman role to Dimon in 2006. He began his career at Chemical Bank in 1967. He remained with the bank through 1992, when he began to oversee a series of mergers that eventually brought together Manufacturers Hanover Trust Company, Chase Manhattan, JP Morgan and Bank One under the name JPMorgan Chase.

Aurora Capital was founded in 1991, and is headquartered in Los Angeles. The firm currently manages around $2 billion (€1.3 billion) through three private equity funds, which target both growing middle market companies and distressed turnarounds. The firm?s most recent deal was the acquisition of auto insurance services provider Mitchell International last February for an undisclosed amount.

Other members of Aurora?s advisory board include former Honeywell chairman Larry Bossidy, former General Electric Investment Corporation chairman and president Dale Frey and Angelo Gordon Asset Management chairman John Myers.

Several private equity firms have tapped top level talent from investment banks in recent months. Quadrangle said today it has hired Doug Kramer, formerly head of Goldman Sachs? Global Manager Strategies Group, to launch its asset management business. Last month Palamon Capital Partners hired Anthony Gardner, a leveraged debt expert from Bank of America, as director of structured finance, and in November, The Carlyle Group tapped former Credit Suisse vice president Norbert Reis to lead its investments in Germany and Austria.