Outboard Marine Corp., Waukegan, Ill., hired Northern Trust to provide master trust, master custody and securities lending for the company's $370 million defined benefit plan and $80 million 401(k) plan. Northern Trust replaces First Chicago NBD, which announced in August it would withdraw from the trust and custody business, and recommended its clients move their business to Northern Trust.
Outboard Marine chose Northern Trust because of the convenience factor, said Robert Broshat, manager of corporate treasury operations. The two banks have a direct link to move data between them, a big time saver, he said.
