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The Depository Trust & Clearing Corporation has hired Randy Grespin as managing director for distribution services. Grespin will be responsible for insurance services and mutual funds, filling the shoes of Walter Siebecker, who has left the firm to pursue other interests.

Grespin, who reports to Dennis Dirks, COO of DTCC, most recently served as EVP for business services at BISYS's life insurance and annuity area. Prior to that, he had been president of The Underwriters Group, which was acquired by BISYS in 1996.

Although Grespin's duties include mutual funds, the insurance industry presents a formidable challenge, as processing standards have not yet been established. Referring to insurance as "the last great frontier in the financial services industry," he added, "We have been talking about this for the past decade without anyone successfully mainstreaming insurance product. And this won't happen until someone can standardize insurance processing for the broker-dealer community."