EXHIBIT 99
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April 24, 2003
Contact: Hewitt Associates
Jennifer Frighetto, 847.442.7663 or
jennifer.frighetto@hewitt.com
Northern Trust
Sue Rageas, 312.444.4279
Hewitt Associates To Acquire Northern Trust Retirement Consulting
Firms To Form Preferred Provider Relationship for Retirement Services
LINCOLNSHIRE, Ill., April 24, 2003 - - Hewitt Associates (NYSE: HEW),
a global HR outsourcing and consulting firm, and Northern Trust
Corporation (NASDAQ: NTRS), a leading provider of global financial
services, have executed a letter of intent for Hewitt to acquire
substantially all of the assets of Northern Trust Retirement
Consulting, L.L.C. (NTRC), Northern Trust's retirement consulting and
administration business. Hewitt and Northern Trust have also agreed
to work together as preferred providers in each firm's core area of
expertise -- HR outsourcing and consulting services from Hewitt, and
trustee, custody and pension payroll services from Northern Trust.
As part of this arrangement, Hewitt will acquire the NTRC business,
which provides nearly 200 companies and more than 1 million
participants with defined benefit, defined contribution and retiree
health and welfare administration services, including recordkeeping
and customer service. The arrangement also covers retirement
consulting and actuarial services, including plan design and
communication.
Effective with the transition, NTRC clients covered by this
arrangement will have access to Hewitt's full suite of outsourcing and
consulting services. Hewitt will assume responsibility for NTRC's
staff and facilities in Atlanta, Ga. The transaction is expected to
close in June.
"Our acquisition of NTRC represents an additional growth opportunity
for our outsourcing and consulting business," said Bryan Doyle, global
business leader, HR and benefits outsourcing services, Hewitt
Associates. "We look forward to working with Northern Trust to
provide clients with the retirement services expertise that has made
us recognized leaders in the industry."
"With this agreement, we bring to our clients the world-class
retirement services Hewitt offers, combined in a seamless structure
with Northern Trust's leading institutional trust and custody
services," said Rick Waddell, president of corporate and institutional
services at Northern Trust. "The arrangement advances our long-term
strategy to focus our own resources on the areas where we can serve
clients best."
In the fiscal year ended December 31, 2002, NTRC had gross revenues of
approximately $74 million. Hewitt anticipates the acquisition will be
modestly dilutive through the transition period. Northern Trust
expects to recognize charges totaling approximately $20 million as a
result of the transaction, principally reflecting the write-off of
unamortized technology investments. The purchase price and other
financial terms of the agreement were not disclosed. The closing of
the proposed transaction is subject to the execution of a definitive
agreement and satisfaction of any conditions contained in it.
About Northern Trust Corporation
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Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of
global financial solutions for the investment management, asset
administration, fiduciary and banking needs of affluent individuals
and corporations and institutions. Northern Trust, a multibank
holding company based in Chicago, has a growing network of offices in
12 states, international offices in five countries and more than 9,300
employees worldwide. As of March 31, 2003, Northern Trust had trust
assets under administration of $1.6 trillion, assets under investment
management of $365 billion and banking assets of more than $36
billion. Northern Trust, founded in 1889, has earned distinction as
an industry leader in combining high-touch service and expertise with
innovative products and services. For more information, visit
www.northerntrust.com.
About Hewitt Associates
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Hewitt Associates (www.hewitt.com) is a leading global provider of
human resources outsourcing and consulting services. The firm
delivers a complete range of services including HR and benefits
outsourcing, talent and organizational change, retirement and
financial management and health care to companies across a wide
spectrum of industries. Hewitt provides services from 85 offices in
37 countries.
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