Northern Trust said Wednesday that David Sullivan was named insurance practice leader for the Americas. He will replace Sheldon Woldt who was named earlier this year as head of the Middle East for Northern Trust. Sullivan will also continue as head of private equity administration in the Americas, Northern Trust said.
David J. Sullivan has been named Insurance Practice Head for Northern Trust in the Americas. Northern Trust’s insurance practice provides asset servicing, asset management, banking and brokerage services to insurance companies throughout the region.
Sullivan will also continue as Head of Private Equity Administration in the Americas, a role created earlier this year in response to growing demand from U.S. private equity firms for outsourced fund administration and other third-party fund services.
“We are pleased to appoint Dave Sullivan to a role where he can lead the continued development of two growing business segments,” said David W. Fox Jr., head of Americas for Corporate & Institutional Services at Northern Trust. “Dave has deep experience in services for asset managers, and that expertise will transfer well to the insurance segment, where companies are increasingly outsourcing their non-core operating infrastructure, including global custody, investment, accounting, and treasury services.”
Sullivan is a 15-year veteran of Northern Trust and previously served as Guernsey (Channel Islands) Head of Private Equity for three years before returning to Chicago. Prior to the expat assignment, he was a division manager in Northern Trust’s Corporate Banking group. Before joining Northern Trust, Sullivan was a commercial banking officer at a Chicago bank. He earned a B.B.A. degree from the University of Notre Dame and an M.B.A. degree with honors from the University of Chicago.
As head of the Insurance Practice, Sullivan replaces Sheldon Woldt, who was appointed earlier this year to a newly-created position as head of the Middle East for Northern Trust.
Northern Trust provides a full range of asset servicing and asset management solutions, including global custody, banking, accounting, investment management, and investment operations outsourcing to a broad spectrum of insurance clients across the globe. Northern Trust’s insurance client base and expertise encompass life, property and casualty, pensions, protection and indemnity, captives and the specialist Lloyd’s insurance market in the UK.
Northern Trust’s Private Equity Administration practice, part of the Global Fund Services group, provides sophisticated operational infrastructure and expertise for a range of fund types, including buyout, mezzanine, secondary, and funds of funds, allowing PE managers to focus on their core investment expertise in the face of heightened regulation and competition.
“Insurance clients face a range of issues, from regulatory change and transparency requirements to pressures on expenses and increasing use of external investment managers, that are driving a demand for global asset servicing solutions,” Sullivan said. “As large, complex asset managers, our insurance clients demand the same service portfolio and intellectual capital possessed by our Global Fund Services unit, and they want services delivered from an investment management perspective. I look forward to leading our continued innovation in services for insurance companies while expanding our offering for private equity clients in the United States.”
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2012, Northern Trust had assets under custody of US$4.8 trillion, and assets under investment management of US$749.7 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.