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Open nowPosted 5 days ago

Director of Investment Operations, Direct Indexing

Vanguard259 open roles

Where
Malvern, PA
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Your applicationOpen nowDirector of Investment Operations, Direct IndexingVanguard · Malvern, PA

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The clock on this job

Early applications get read.

12.3% of postings close within 7 days. Measured by our own scanner across the market. Vanguard postings stay open a median of 8 days.

Share of postings closed within
  1. 2.1%1 day
  2. 4.5%3 days
  3. 12.3%7 days
  4. 19.7%14 days
  5. 35.6%30 days
  6. 58.0%60 days
This job: posted 5 days ago

Vanguard median: 8 days open

The posting

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

Investment Operations Leadership

  • 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)

Compared to traditional asset management operations, this role requires:

  • 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

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.

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