Assistant Portfolio Manager, Core and Multi-Sector Strategies

The Vanguard Group; Malvern (Chester County); On-site; USD 150,000 - 230,000; Full time

Job summary

The Vanguard Group in Malvern, PA seeks an experienced fixed income professional to join a development‑oriented portfolio management role supporting two lead PMs. You will contribute to portfolio construction, risk management, and trade execution across CORE and CORE+ strategies, while developing broader PM responsibilities over time.

Ideal candidates bring 8+ years in active fixed income, strong knowledge of credit and interest-rate risk, and ETF experience.

Qualifications

• Bachelor’s degree in Finance, Economics, Mathematics, Statistics, or related field, or equivalent 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 environments.
• ETF ecosystem experience is preferred.
• CFA designation or progress toward designation is preferred.

Responsibilities

• Partner with lead portfolio managers to oversee portfolio construction, risk positioning, liquidity management, and cash allocation across CORE and CORE+ strategies.
• Maintain consistency across mandates by aligning with investment strategy objectives and risk parameters.
• Collaborate with sector teams to manage portfolio positioning while optimizing cash, derivatives, and other investment tools.
• Execute fixed income transactions directly and through trading desks to support objectives.
• Generate and evaluate macroeconomic and cross-asset ideas contributing to performance and risk-adjusted returns.
• Manage overlay strategies across rates, currencies, and credit derivatives as delegated.
• 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 practices.
• Develop and deliver investment reviews, portfolio updates, and presentations for internal and external stakeholders.
• Represent the team in client meetings and other forums as needed.
• Contribute to strategic initiatives and continuous improvement across the investment team.

Skills

Fixed income investing

Portfolio management

Risk management

Derivatives

ETF experience

Credit risk

Interest rate risk

Currency risk

Quantitative analysis

Communication

Education

Bachelor's degree in Finance or related analytical discipline

CFA designation or progress toward designation preferred

Job description

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.

Vanguard, one of the world's leading investment management companies, serves individual investors, institutions, employer-sponsored retirement plans, and financial professionals.

We have a diverse and talented crew with a culture that promotes teamwork, along with an unwavering focus on serving our clients' best interests.