Larry Tabb, vice president of TowerGroup's Securities & Investments Group, is moving on to a larger role within the firm. He has been named senior strategy advisor for TowerGroup as a whole. Rob Hegarty, formerly director of the company's Investment Management Practice, will be his successor. Both Tabb and Hegarty will report to Mark Sievewright, president and chief executive officer.
Tabb has been asked to change roles to help the larger TowerGroup expand its business and better penetrate its existing markets. "Larry has done a great job building the business and he wanted to do some different things. Now, he will be able to take some of the things he has done for the Securities and Investment Practice to the other practices," Hegarty says.
Tabb adds, "I will be working on larger issues within the company. For example, competitive issues around IDC, expanding research into new areas, possibly creating a CIO Forum, looking at making the banking side more responsive to our research, etc. There is no limit of new ideas."
Hegarty has been at TowerGroup for three years running the Investment Management Group, but has a number of years experience in capital markets prior. He ran Fidelity's technology business for five years and says that he is looking forward to "getting broader and getting back into an area that I enjoy."
"I'll do whatever I can to build on what Larry has done here. Our goal is to further penetrate the space," Hegarty notes. Once he gets his feet wet, he says he will work on some new initiatives to build on the business that Tabb has created. He adds that he is not worried about the recent IDC/Meridien merger, "I welcome it. Competition is always a good thing."
It was unclear at press time who would replace Hegarty. "We haven't worked that out yet," note both Hegarty and Tabb. They said that they did not know if they would fill the position internally or look to someone from outside Tower.
In his new role, Tabb has a one-year contract with TowerGroup that is renewable. He said he would likely remain in the role for two years. Asked if he would leave Tower after that, he notes that two years is a long time. "Right now I am focused on TowerGroup," but adds that (moving on to something else) is always an option."