Hewitt Associates will purchase Northern Trust Retirement Consulting, said Jennifer Frighetto, Hewitt spokeswoman. Terms were not disclosed. Northern Trust will continue to offer investment options and trust and custody services to defined benefit and defined contribution plans. Also, Hewitt and Northern Trust formed a nonexclusive preferred provider relationship in which each firm will recommend the others services to their clients. Some $84 million in assets are involved, including $77 million in defined contribution assets under record keeping, according to sources close to the deal.
The transaction is expected to close in June.