TowerGroup warns against IT cuts

Rob Hegarty, TowerGroup’s vice-president of securities and investment research, named cost containment as the immediate priority driving the buy side, noting that IT budget cuts were approaching dangerous levels. "A lot of firms have cut the fat and are starting to cut through muscle," Hegarty said, addressing Osney Media’s Data Management & STP for the Buy Side conference on February 26.

According to TowerGroup estimates, IT spending by US asset managers has decreased from $4.6 billion in 2

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