FORTY Under 40: Matt Sullivan

Matt Sullivan, SVP, senior investment adviser, PNC Insurance Solutions Group.

Sullivan is responsible for working with both captive and commercial insurance clients to develop custom investment strategies that support their business and risk management objectives.

His time in insurance asset management began in 2013 managing investment portfolios for a wide range of institutional investment pools and client types. He then joined PNC in his current role in June 2021 as part of its Insurance Solutions Group focusing solely on investment management for insurance companies.

Sullivan, who lives in the San Francisco Bay area with his wife, son and daughter enjoys  spending time outdoors. In addition, he participates in the CFA Society of San Francisco, supports his home town Chicago sports and contributes to local environmental conservation efforts locally in Half Moon Bay.

Looking back at your journey over the past year, what accomplishment are you most proud of, and how has becoming a FORTY Under 40 finalist influenced your perspective on that achievement?

Contributing towards the team effort of earning the business of the largest insurance client in PNC’s history was my proudest moment. While it is always great to win new business, accomplishing this and then delivering our investment solutions as a PNC team is what is most rewarding. Being able to share this accomplishment as a finalist for the Forty Under 40 alongside two PNC colleagues whom I work with every day is a reminder that team success is greater than individual success.

"The impact of human psychology and behavior is often overlooked in investment management, but it is the most challenging part of what we do".

What key challenge did you face in your work this year? How did you overcome it and what did it teach you about leadership at this stage of your career?

The impact of human psychology and behavior is often overlooked in investment management, but it is the most challenging part of what we do. Captives typically comprise committees and multiple service providers to deliver the long-term strategic objectives, but often there are one or two key decision-makers, particularly as it relates to the investment portfolio. Understanding the psychology and potential investment biases of these key decision-makers, providing education where necessary and, ultimately, building trust through accountability and leadership helps to overcome these challenges and is critical to delivering a holistic investment solution.

In what ways have you tried to push innovation or rethink traditional approaches within your sector, and what impact has that had on your team or organisation?

Our investment philosophy for insurance investment portfolios is predicated on having a deep understanding of the captive’s claim liability profile. How this impacts investment decisions is constantly evolving and it results in a collegial environment for our investment adviser team; we are constantly bringing unique, client-specific challenges to our insurance .advisory team to discuss and research potential solutions. This, ultimately, leads to an investment strategy that is custom to each client and is constantly challenged and optimized.

How do you see your role evolving over the next three to five years, and what initiatives are you most excited to pursue as you continue to grow professionally?

The single biggest factor that will impact my role is likely the same one affecting everyone in this industry right now: how artificial intelligence will influence and support the work we do. I am most excited to continue keeping a pulse on AI innovation and its impact on insurance investment management.

Many of the FORTY Under 40 winners are recognised for both business success and broader impact – how do you balance professional excellence with contributions to your community or industry landscape?

Relentless focus on my clients and their needs is how I contribute to both my community and industry landscape, as I believe delivering for my clients involves more than just generating desired investment results. Being a good steward of the captive industry by attending conferences and webinars, building relationships with clients and service providers while collaborating with and mentoring colleagues helps to deliver a broader impact.

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