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.