Structured Products Trader

The Vanguard Group; Malvern (Chester County); Hybrid; USD 180,000 - 280,000; Full time

Job summary

Vanguard seeks a senior structured products trader in Malvern to execute trades across CLOs and structured credits, contributing to portfolio performance through idea generation and positioning. You will analyze cash flows, model risk, and work with research to understand collateral and market dynamics.

Hybrid work supports collaboration and client outcomes. Ideal candidates have strong CLO/structured credit experience, dealer relationships, and CFA preference; visa sponsorship is not available

Qualifications

• 5 years of experience with CLOs/structured credit trading or investing.
• Ability to generate ideas and contribute to performance through trading and positioning.
• Strong understanding of CLO structures and ABS/CMBS markets.
• Cash flow modeling using Intex or similar tools.
• Established dealer and issuer relationships preferred.
• Programming/data skills a plus.
• Strong communication and collaboration skills.
• Direct buy-side experience (nice to have), CFA preferred.

Responsibilities

• Execute trades across CLOs and structured credit in primary and secondary markets with focus on best execution.
• Generate trade ideas and identify relative value opportunities across structures, managers, and vintages.
• Contribute to portfolio construction and positioning.
• Analyze structures and cash flows to evaluate risk and return.
• Partner with research on collateral, structure, and market dynamics.
• Source investment opportunities and liquidity through dealer and issuer relationships.
• Provide market insights and actionable trade recommendations.

Skills

Structured credit trading

CLO structures

Cash flow modeling

Communication skills

Programming/data skills

Education

CFA preferred

Tools

Intex

Job description

This is an exciting opportunity to join Vanguard's Structured Products team, a well-established platform within active fixed income with a growing investment footprint. This role offers the ability to contribute directly to portfolio performance through trading, idea generation, and portfolio positioning across CLOs and broader structured credits (ABS/CMBS). The ideal candidate combines strong market knowledge with structured product expertise and the ability to translate analytics into actionable investment decisions.

Responsibilities

• Execute trades across CLOs and structured credit in primary and secondary markets, with a focus on best execution
• Generate trade ideas and identify relative value opportunities across structures, managers, and vintages
• Contribute to portfolio construction and positioning
• Analyze structures and cash flows to evaluate risk and return across investments
• Partner with research on collateral, structure, and market dynamics
• Source investment opportunities and liquidity through dealer and issuer relationships
• Provide market insights and actionable trade recommendations to the broader team

Qualifications

• 5 years of relevant experience, with a strong focus on CLOs and/or structured credit trading or investing
• Demonstrated ability to generate ideas and contribute to performance through trading and positioning
• Strong understanding of CLO structures and broader structured credit markets (ABS/CMBS)
• Cash flow modeling (Intex or similar) and analytical skillset
• Established dealer and issuer relationships preferred
• Programming/data skills a plus
• Strong communication and collaboration skills
• Direct buy-side experience (nice to have), CFA preferred

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.