Skip to main content

Type of Role: Investments

Experience Level: Analyst/Associate

Location: Melvern, Massachusetts

Salary: $275K - $375K

The Vanguard Group, Inc. (commonly known as simply Vanguard), is an American registered investment advisor based in Malvern, Pennsylvania, with about $7.7 trillion in global assets under management, as of April 2023. It is the largest provider of mutual funds and the second-largest provider of exchange-traded funds (ETFs) in the world after BlackRock’s iShares. In addition to mutual funds and ETFs, Vanguard offers brokerage services, educational account services, financial planning, asset management, and trust services. Several mutual funds managed by Vanguard are ranked at the top of the list of US mutual funds by assets under management.  Along with BlackRock and State Street, Vanguard is considered to be one of the Big Three index fund managers that play a dominant role in corporate America.

Senior MBS Trader

The Senior MBS Trader is a risk-taking role that will trade and help manage MBS related sectors for Vanguard’s actively managed Fixed Income Portfolios.  Primary responsibilities will include identifying relative value opportunities, recommending trades, managing risk, and tracking performance. An ideal candidate will have experience with or knowledge of Agency MBS, Non-Agency MBS, Credit Risk Transfer (CRT) and Agency CMBS and, possess the skills to run various sensitivity and scenario analysis using prepayment models.  In addition to these skills, we are looking for a candidate that has a passion for MBS related markets and values collaboration with a highly engaged team.

Your primary duties and responsibilities:

  • Trade and help manage Agency MBS, Non-Agency MBS, Credit Risk Transfer (CRT), and Agency CMBS positions for Vanguard’s actively managed Fixed Income Portfolios.
  • Identify and research relative value opportunities.  Recommend trades and strategies to capitalize on the ideas. Execute trades, manage risks, and track performance.
  • Contribute to the team’s strategic outlook for MBS related sectors. Suggest positions and strategies to express these views.
  • Ability to run various sensitivity and scenario analysis using prepayment models with the ability to effectively communicate model output to portfolio managers and the Senior Investment Committee (SIC).
  • This is a risk-taking position. Trader can act with a level of discretion set by the portfolio manager. Amount of discretion can increase with experience and level of comfort of portfolio manager.
  • Analyze the funds’ performance relative to the benchmark. Interpret and report on the performance attribution for MBS related positions.
  • Track the sectors and keep portfolio managers and senior staff updated on key developments. Analyze value within the sector and determine what is being priced into the market. Understand and anticipate the drivers of value across MBS related markets.
  • Identifies, recommends, and develops process improvements. Recommend ways to better measure, understand, and manage risks.
  • Maintain relationship with dealers. Collect color, ideas and research from the street and filter this information to the portfolio managers and senior managers.
  • Backs up portfolio manager when he/she is off the desk.

 

The ideal candidate should possess:

  • Undergraduate degree (preferably in accounting, finance, economics, math, or engineering).  MBA/Masters/Ph.D. and/or CFA preferred.
  • Prefer prior MBS experience with deep knowledge of MBS modeling, prepayment behavior, interest rates and volatility.
  • Prior experience with Non-Agency MBS, Agency CMBS, CRT, and CMOs is desirable.
  • An excellent understanding of financial markets and macroeconomics.
  • Detail-oriented with the ability to work in a fast-paced environment.
  • Excellent communication and mathematical skills.
  • Strong analytical and problem-solving skills.
  • Ability to work independently.

Special Factors

Sponsorship

Vanguard is offering visa sponsorship for this position.

About Vanguard

We are Vanguard. Together, we’re changing the way the world invests.

For us, investing doesn’t just end in value. It starts with values. Because when you invest with courage, when you invest with clarity, and when you invest with care, you can get so much more in return. We invest with purpose – and that’s how we’ve become a global market leader. Here, we grow by doing the right thing for the people we serve. And so can you.

We want to make success accessible to everyone. This is our opportunity. Let’s make it count.

Inclusion Statement

Vanguard’s continued commitment to diversity and inclusion is firmly rooted in our culture. Every decision we make to best serve our clients, crew (internally employees are referred to as crew), and communities is guided by one simple statement: “Do the right thing.”

We believe that a critical aspect of doing the right thing requires building diverse, inclusive, and highly effective teams of individuals who are as unique as the clients they serve. We empower our crew to contribute their distinct strengths to achieving Vanguard’s core purpose through our values.

When all crew members feel valued and included, our ability to collaborate and innovate is amplified, and we are united in delivering on Vanguard’s core purpose.

Our core purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.

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.

Read Less