Warburg Pincus recruits Coulter

David Coulter, the former vice chairman and head of investment banking at JP Morgan, has made the move into private equity, having signed on with Warburg Pincus.

David Coulter, who left JPMorgan Chase this summer after five years at the firm, has turned up at Warburg Pincus, where he will serve as a managing director and senior advisor.

David Coulter, managing director and senior advisor, Warburg Pincus

Coulter comes to Warburg after a storied career in investment banking. He had held the top post at the Bank of America prior to its merger with NationsBank in 1998. Soon after the union he left to become head of The Beacon Group, a boutique investment bank that was bought out by Chase Manhattan two years later.

After JP Morgan acquired Chase, Coulter eventually rose to the rank of vice chairman in charge of investment banking, before he finally settled in as the head of JPMorgan Chase’s West Coast operations, a move that was precipitated by the $58 billion JPMorgan / Bank One merger last year. He also oversaw the firm’s private equity division, and One Equity’s head Richard Cashin and JPMorgan Partners’ head Jeffrey Walker both reported to Coulter prior to his departure.

Before his resignation, Coulter had also been rumoured to be in the running to take over as the chief executive at Morgan Stanley, an appointment that ultimately went to John Mack.

In addition to serving as a managing director and senior advisor at Warburg, Coulter will also have a special focus on the firm’s global activities in the financial services sector. Warburg has made investments in the space in the past, such as a $238 million PIPE in Dime Bancorp in 2000 and the $1 billion recap of Mellon Bank back in 1988. Current portfolio companies in the sector include investments in Nikko Asset Management and Mumbai-based financial services conglomerate Kotak.

Coulter’s hiring comes shortly after Warburg Pincus poached another JP Morgan executive this past summer. The firm hired Patrick Sullivan to serve as a managing director in its domestic real estate group. Sullivan had previously worked in the same capacity at JPMorgan Partners.