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.