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DTCC: Randy Grespin to Lead Mutual Funds and Insurance

 New York, October 29, 2001 - The Depository Trust & Clearing Corporation (DTCC) announced today the appointment of J. Randall Grespin to a new position as managing director for Distribution Services. He will be responsible for two key business sectors of DTCC focused on Mutual Funds and Insurance Services.

Grespin comes to DTCC from BISYS, a major independent distributor of lifeinsurance and annuities, where he was executive vice president for businessdevelopment. Prior to that, he was president of another leading insuranceservice provider - The Underwriters Group - a post he assumed in 1990. TheUnderwriters Group was acquired by BISYS in 1996.

In his new position, Grespin will be responsible for the expansion of DTCC'sMutual Fund and Insurance Services, whose central clearinghouse capabilitieshave linked broker dealers, banks, mutual funds, insurance carriers, andfinancial planners and have helped revolutionize the sales, distribution andadministration of mutual funds and market-based insurance products. Grespin willreport to Dennis Dirks, chief operating officer of DTCC.

"Randy brings a wealth of expertise to this new position. He has morethan 25 years' experience in insurance services and his knowledge of mutualfunds and insurance services is exceptional," said Dirks. "His entirecareer has been spent in this field and he has been in the forefront of thisburgeoning industry since its inception. He has the talent and vision to moveboth businesses forward, increasing services and expanding growth in the UnitedStates and abroad."

DTCC's Fund/SERV product is now the de facto processing backbone ofthe mutual fund industry, handling an average of $6.2 billion each day in fundpurchases, exchanges and redemption orders. Fund/SERV is one of seven servicesDTCC's clearing corporation subsidiary offers to the mutual fund community.

DTCC's Insurance Services supports the processing of a wide range of transactions related to the life cycle of annuity and life insurance products. The business links broker dealers, banks and financial planners with 82 major insurance carriers, representing the bulk of this marketplace.

"I'm excited by this new role," said Grespin. "Clearly, Isee tremendous opportunity for DTCC to expand services, identify synergies andoffer seamless processing services to both these sectors of the financialservices industry. I'm looking forward to working with customers to ensure wecontinue facilitating transaction growth and lowering costs."

About DTCC: The Depository Trust & Clearing Corporation (DTCC), with operating facilities in multiple locations in the U.S. and overseas, is a holding company for six subsidiary businesses - a depository and five clearing corporations - as well as the co-owner with Thomson Financial of a global joint venture called Omgeo. Through its subsidiaries, DTCC provides clearance, settlement and information services for equities, corporate debt, municipal debt, government securities and mortgage-backed securities in the U.S., and emerging markets debt trades globally. It is also a leading clearinghouse for mutual funds and insurance products, linking funds and carriers with distribution networks. In addition, DTCC provides custody and asset servicing for more than two million securities from the U.S. and 84 other countries. For more information on DTCC, see www.dtcc.com.

Mutual Funds

Insurance Services