Director of Investment Operations, Direct Indexing

The Vanguard Group; Malvern (Chester County); Hybrid; USD 180,000 - 240,000; Full time

Benefits offered by this job

Hybrid working model

Job summary

Vanguard is seeking a Director of Investment Operations to lead the execution and ongoing evolution of operations for a direct indexing platform supporting personalized separately managed accounts (SMAs). This role will partner with portfolio management, technology, risk, and client teams to deliver operational excellence across a highly customized, tax-managed offering.

The role oversees a team of ~10, driving continuous improvement, scalable processes, and robust controls.

Qualifications

• 10+ years in investment operations.
• Deep understanding of direct indexing, equity SMAs, and tax-managed investing.
• Experience with middle/back-office outsourcing platforms used by SMA managers (Vestmark, Advent, BNY Archer, SEI).
• Strong knowledge of trade lifecycle, portfolio accounting, and data management.
• Proven leadership experience managing high-performing operations teams.

Responsibilities

• Lead day-to-day execution across investment operations lifecycle (onboarding, portfolio implementation, reconciliation, reporting, contracting, billing, proxy voting, custody/3rd party management).
• Maintain a scalable operating model for high-volume, customized SMA portfolios.
• Manage third-party portfolio accounting systems and data flows across benchmark, security master, client restrictions, and tax-lot systems.
• Partner with development/engineering to integrate portfolio management systems and client reporting tools.
• Drive risk controls, process standardization, and automation to scale operations and improve efficiency.
• Lead and develop a team of ~10 crew members with a focus on execution quality and continuous improvement.
• Oversee vendor relationships, SLAs, and service continuity.
• Represent Operations in client-facing discussions and with custodians and SMA sponsor platforms.

Skills

Leadership

Team management

Partnership skills

Operational excellence

Direct indexing knowledge

Tax-managed investing

Education

Bachelor's degree

Tools

Vestmark

Advent

BNY Archer

SEI

Job description

The Director of Investment Operations leads the execution and ongoing evolution of the operations supporting the direct indexing platform, ensuring scalable, accurate, and tax-efficient execution of personalized separately managed accounts (SMAs). This role partners closely with portfolio management, technology, dev/engineering, client teams, and risk to deliver operational excellence across a highly customized, tax-managed investment offering.

Key Responsibilities

• Lead the day-to-day execution across investment operations lifecycle middle & back-office functions (account onboarding, portfolio implementation, reconciliation, reporting, contracting, billing, proxy voting, custody/3rd party management).
• Maintain a scalable operating model supporting high-volume, highly customized SMA portfolios.
• Manage third-party portfolio accounting system.
• Ensure operational processes support ongoing tax management (tax-loss harvesting, tax transitions, and capital gains management) and portfolio customization (ESG screens, restrictions, factor tilts, client-specific constraints).
• Maintain close partnership with development/engineering teams to ensure seamless integration across portfolio management systems, trading platforms, and client reporting tools.
• Oversee data flows across benchmark, security master, client restrictions, and tax-lot systems.

Team Management & Development

• Lead and develop a team of ~10 crew members, with a focus on execution quality and continuous improvement.
• Establish clear performance expectations aligned to accuracy, timeliness, and client outcomes.
• Promote a culture of accountability, continuous improvement, and operational excellence.

Operational Risk & Process Improvement

• Work with embedded 1st line risk partner to identify operational risks and implement effective controls to manage.
• Drive process standardization and automation to scale operations, streamline workflows, and improve efficiency.
• Support development of key performance metrics and operational reporting.

Vendor & Service Provider Coordination

• Manage relationships with third-party vendors.
• Establish service-level agreements and monitor performance against operational KPIs.
• Resolve escalations and ensure continuity of service.

Client Experience & Delivery

• Enable a seamless onboarding and servicing experience for SMA clients.
• Support high-touch client experience through accurate reporting and operational transparency.
• Partner with client teams to support complex portfolios (e.g., concentrated stock, transitions, tax-sensitive mandates).
• Represent Operations as subject matter expert in a client facing capacity, including support for conversations with prospective clients, custodian, SMA sponsor platforms, and other 3rd party partners.

Key Qualifications

• 10+ years in investment operations.
• Deep understanding of direct indexing, equity SMAs, and tax-managed investing, including direct experience with one or multiple middle and back-office outsourcing platforms used by SMA managers (i.e., Vestmark, Advent, BNY Archer, SEI).
• Strong knowledge of trade lifecycle, portfolio accounting, and data management.
• Proven leadership experience managing high-performing operations teams.
• Strong partnership skills across front office, technology, and risk.
• Undergraduate degree required.

What Makes This Different (Direct Indexing Context)

• Mass customization at scale (each portfolio is unique).
• Continuous tax optimization execution, not periodic.
• High data complexity (tax lots, restrictions, personalization inputs).
• Tight integration with technology platforms to enable automation.
• Client-level precision vs. fund-level processing.
• Special Factors Sponsorship.

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.

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