The Depository Trust and Clearing Corporation (DTCC), the US’s central clearing provider, has appointed Robert Hegarty to the new position of managing director, market structure.
Hegarty will be responsible for identifying new markets and growth opportunities for DTCC, focusing on the front-office and trading communities. He will report to James Leonard, managing director, strategy and marketing.
Hegarty will join DTCC from research and advisory group TowerGroup on 13 April, where he has served as managing director of the securities and investments and insurance divisions since 2002. He has also held positions at Putnam Investments, Fidelity Investments and Coopers & Lybrand.
“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,” said Donald F. Donahue, chairman and chief executive officer of DTCC, in a statement. “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.”
Michael C. Bodson, DTCC executive managing director, business management and strategy, added, “DTCC is extremely fortunate to gain someone of Rob’s stature, with an intimate knowledge of the buy-side community and in-depth understanding of the technology and business challenges facing the industry to help shape and implement the next stage of the company’s growth.”