Hegarty to Leave TowerGroup for DTCC

Robert Hegarty, managing director, Securities & Investments and Insurance at TowerGroup will leave the research and advisory firm and join the Depository Trust & Clearing Corporation.

Effective April 13, Hegarty will become managing director, market structure at DTCC, a newly created position.

Hegarty will oversee the DTCC’s efforts to identify new market and growth opportunities focused on the front-office and trading communities.

In a statement, Donald Donahue, chairman and chief executive officer of DTCC, said, "Rob comes to DTCC at a time of profound change in global financial markets, and he will play an integral role in helping us diversify our growth strategy.”

He added, "There's a widening circle of market participants worldwide looking for automated solutions that will link trading parties, reduce operating risks and lower costs. DTCC has already made progress across our business lines in working with firms' front offices and we believe we're extremely well positioned to meet this demand and broaden the markets we serve."

Hegarty will report to James Leonard, managing director of Strategy and Marketing at DTCC.

Hegarty has been with TowerGroup since 2002 and has also held positions at Putnam Investments, Fidelity Investments and Coopers & Lybrand.