Northern Trust Names Insurance Practice Leader for Americas
David Sullivan also leads Fund Administration for U.S. Private Equity Managers
CHICAGO -- December 12, 2012
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.
Northern Trust Corporation
John O’Connell, +1 312 444 2388
Daniel Campbell, +1 312-444-3220
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