Director of Investment Operations, Direct Indexing

Vanguard•Malvern, PA

2d•Hybrid

About The Position

The Director of Investment Operations leads the execution and ongoing evolution of operations supporting Vanguard’s direct indexing platform. The role ensures scalable, accurate, and tax-efficient execution of personalized separately managed accounts (SMAs) and partners closely with portfolio management, technology, development and engineering, client teams, and risk. The director oversees middle- and back-office investment operations, including onboarding, portfolio implementation, reconciliation, reporting, contracting, billing, proxy voting, custody, and third-party management. The role maintains an operating model for high-volume, customized SMA portfolios, manages a third-party portfolio accounting system, and ensures processes support tax management and portfolio customization. It also oversees data flows across benchmarks, security masters, client restrictions, and tax-lot systems, while coordinating technology integrations. The position leads and develops a team of approximately 10 crew members, promotes execution quality and continuous improvement, and works with a first-line risk partner to identify risks and implement controls. It drives process standardization and automation, supports operational metrics and reporting, manages vendor relationships and service performance, and helps deliver accurate, transparent servicing and a seamless onboarding experience for SMA clients. The director may represent Operations in client-facing discussions with prospective clients, custodians, SMA sponsor platforms, and other third-party partners. The role operates in the context of direct indexing, where portfolios require mass customization, continuous tax optimization, complex data management, close technology integration, and precision at the individual-client level. Vanguard uses a hybrid working model for the majority of its crew members. Vanguard is not offering visa sponsorship for this position.

Requirements

10+ years of experience in investment operations.
Deep understanding of direct indexing, equity SMAs, and tax-managed investing.
Direct experience with one or more middle- and back-office outsourcing platforms used by SMA managers, such as Vestmark, Advent, BNY Archer, or SEI.
Strong knowledge of the 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.

Responsibilities

Lead day-to-day middle- and back-office investment operations, including account onboarding, portfolio implementation, reconciliation, reporting, contracting, billing, proxy voting, custody, and third-party management.
Maintain a scalable operating model for high-volume, highly customized SMA portfolios.
Manage a third-party portfolio accounting system.
Ensure operational processes support tax-loss harvesting, tax transitions, capital-gains management, and portfolio customization, including ESG screens, restrictions, factor tilts, and client-specific constraints.
Partner with development and engineering teams to support integration across portfolio management systems, trading platforms, and client reporting tools.
Oversee data flows across benchmark, security master, client restriction, and tax-lot systems.
Lead and develop a team of approximately 10 crew members, setting performance expectations aligned with accuracy, timeliness, and client outcomes.
Promote accountability, continuous improvement, and operational excellence.
Work with an embedded first-line risk partner to identify operational risks and implement controls.
Drive process standardization and automation to scale operations, streamline workflows, and improve efficiency.
Support development of key performance metrics and operational reporting.
Manage third-party vendor relationships, establish service-level agreements, monitor performance against operational KPIs, resolve escalations, and ensure continuity of service.
Enable seamless onboarding and servicing for SMA clients and support accurate reporting and operational transparency.
Partner with client teams on complex portfolios, including concentrated stock, transitions, and tax-sensitive mandates.
Represent Operations as a subject matter expert in client-facing conversations with prospective clients, custodians, SMA sponsor platforms, and other third-party partners.