Join Vanguard’s active fixed income team in a unique portfolio management development opportunity supporting two lead portfolio managers across a growing active fixed income franchise. This role plays a critical part in portfolio construction, risk management, trading, and implementation across CORE and CORE+ fixed income strategies. The successful candidate will partner closely with sector teams, capital markets, and investment professionals to optimize portfolio outcomes while developing broader portfolio management and investment decision-making responsibilities over time. Internal collaboration, institutional knowledge, and the ability to build strong cross-functional relationships are key to success in this role. This is an in-office role based in Malvern, PA HQ.
Responsibilities:
- Partner with lead portfolio managers to oversee portfolio construction, risk positioning, liquidity management, and cash allocation across Vanguard’s CORE and CORE+ active fixed income strategies.
- Maintain consistency across mandates by interpreting investment strategy objectives and ensuring alignment with portfolio guidelines and risk parameters.
- Collaborate with sector teams to manage portfolio positioning within target ranges while optimizing the use of cash, derivatives, and other investment tools.
- Execute fixed income transactions directly and through trading desks to support portfolio objectives and implementation needs.
- Generate and evaluate macroeconomic and cross-asset investment ideas that contribute to portfolio performance and risk-adjusted returns.
- Manage assigned overlay strategies across interest rates, currencies, and credit derivatives, as delegated by lead portfolio managers.
- Partner with capital markets and sector teams to support ETF create/redeem activity and portfolio implementation for active fixed income ETFs.
- Monitor portfolio risks and identify opportunities to enhance processes, analytics, models, and portfolio management practices.
- Develop and deliver investment reviews, portfolio updates, and presentations for internal stakeholders and external clients.
- Represent the portfolio management team in client meetings and other forums as needed.
- Contribute to strategic initiatives, special projects, and continuous improvement efforts across the investment team.
Qualifications:
- Bachelor’s degree in Finance, Economics, Mathematics, Statistics, or a related analytical discipline, or an equivalent combination of training and experience.
- Eight or more years of experience in active fixed income investing.
- Strong understanding of credit risk, interest rate risk, and currency risk management.
- Experience utilizing derivatives markets and instruments within portfolio management strategies.
- Demonstrated knowledge across multiple fixed income asset classes.
- Experience supporting portfolio construction, risk management, and trading activities within institutional investment environments.
- Experience working within the ETF ecosystem is preferred.
- Chartered Financial Analyst (CFA) designation or progress toward the designation is preferred.
- Strong analytical, communication, and relationship-management skills with the ability to influence across investment teams.
Special Factors
Sponsorship
Vanguard is not offering visa sponsorship for this position.About Vanguard
At Vanguard, we don't just have a mission—we're on a mission.
To work for the long-term financial wellbeing of our clients. To lead through product and services that transform our clients' lives. To learn and develop our skills as individuals and as a team. From Malvern to Melbourne, our mission drives us forward and inspires us to be our best.
How We Work
Vanguard has implemented a hybrid working model for the majority of our crew members, designed to capture the benefits of enhanced flexibility while enabling in-person learning, collaboration, and connection. We believe our mission-driven and highly collaborative culture is a critical enabler to support long-term client outcomes and enrich the employee experience.
Skills Required
- Bachelor’s degree in Finance, Economics, Mathematics, Statistics, or a related analytical discipline, or equivalent training and experience.
- Eight or more years of experience in active fixed income investing.
- Strong understanding of credit risk, interest rate risk, and currency risk management.
- Experience utilizing derivatives markets and instruments within portfolio management strategies.
- Demonstrated knowledge across multiple fixed income asset classes.
- Experience supporting portfolio construction, risk management, and trading activities within institutional investment environments.
- Strong analytical, communication, and relationship-management skills, with the ability to influence across investment teams.
- Experience working within the ETF ecosystem.
- Chartered Financial Analyst designation or progress toward the designation.
Vanguard Compensation & Benefits Highlights
The following summarizes recurring compensation and benefits themes identified from responses generated by popular LLMs to common candidate questions about Vanguard and has not been reviewed or approved by Vanguard.
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Retirement Support — Retirement support appears unusually strong through a 401(k) design that includes a match plus an additional employer contribution, which can materially lift long-term total rewards. HSA seeding and an enhanced employer match further strengthen the savings-and-benefits value of the package.
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Wellbeing & Lifestyle Benefits — Wellbeing and lifestyle support is reinforced by a sizable annual FlexFund stipend that can be applied across many day-to-day categories such as fitness, childcare, and other personal expenses. On-site or virtual clinics and fitness options add practical health and wellness convenience.
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Affordable Benefits — Healthcare and related benefits are positioned as comparatively affordable via heavily subsidized medical plans and broad coverage options. This affordability can offset moderate base pay for employees who place higher value on out-of-pocket cost reductions.
Vanguard Insights
What We Do
We are a community of 30 million who think – and feel – differently about investing. Together, we’re changing the way the world invests. Since our founding in 1975, helping our investors achieve their goals is our sole reason for existence. With no other parties to answer to and therefore no conflicting loyalties, we make every decision—like keeping investing costs as low as possible—with only your needs in mind. Vanguard is one of the world's largest investment companies, offering a large selection of high-quality low-cost mutual funds, ETFs, advice, and related services. Individual and institutional investors, financial professionals, and plan sponsors can benefit from the size, stability, and experience Vanguard offers. As of April 30, 2019, we managed more than $5.6 trillion in global assets. In addition, we have 189 funds in the United States and 225 funds in global markets. For Commenting Guidelines & Important information, visit here: http://vanguard.com/linkedin Vanguard Marketing Corporation, Distributor.
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