Shundrawn A. Thomas, president of Northern Trust Asset Management, will leave the firm June 1 for another opportunity, the company said Tuesday.
Mr. Thomas said in a news release he decided to leave Northern Trust to co-found a diverse-owned and led business that will provide debt and equity solutions to privately held U.S. companies. A key focus will be identifying untapped market opportunities and partnering with women and ethnically diverse business operators.
Mr. Thomas could not be reached for comment about his new endeavor.
Northern Trust spokesman Douglas Holt in an email declined to comment on Mr. Thomas' new firm.
Mr. Holt said the asset management division's leadership team will continue to report to Mr. Thomas until his departure and will report to Michael G. O'Grady, Northern Trust's chairman and CEO, until a new president of the asset management division is named.
Mr. Thomas "not only embodied our enduring principles of service, expertise and integrity; he also courageously challenged and guided us to evolve how we live our principles in more inclusive and equitable ways," Mr. O'Grady said in the news release.
"Shundrawn has been a tireless champion for diversity, equity and inclusion — both at Northern Trust and in the asset management industry — and is a recognized leader in sustainable investing," he added.
Mr. Thomas joined Northern Trust in 2004 after working at Goldman Sachs and Morgan Stanley, according to his biography on Northern Trust's website.
He was named president of Northern Trust Asset Management on Oct. 1, 2017, replacing Stephen N. Potter.
Previously, Mr. Thomas led the asset management division's funds and managed account group, was president of Northern Trust Securities, and was head of corporate strategy for Northern Trust Corp., his biography said.
Northern Trust had $1.5 trillion in assets under management as of March 31.
