Director of Investment Operations, Direct Indexing

The Vanguard Group•Malvern, PA

1d•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 position oversees investment operations across middle- and back-office functions, including account onboarding, portfolio implementation, reconciliation, reporting, contracting, billing, proxy voting, custody, and third-party management. It maintains an operating model for high-volume, customized SMA portfolios and oversees portfolio accounting systems, operational data flows, tax management, and portfolio customization processes. The Director leads and develops a team of approximately 10 crew members, drives operational risk management and process improvement, and manages vendor and service-provider relationships. The role also supports client onboarding and servicing, complex portfolios, reporting, and client-facing discussions with prospective clients, custodians, SMA sponsor platforms, and other third-party partners. The role requires a deep understanding of direct indexing, equity SMAs, and tax-managed investing, along with leadership experience and strong partnerships across investment, technology, and risk teams. Vanguard uses a hybrid working model for the majority of its crew members, combining flexibility with in-person learning, collaboration, and connection. 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 execution across the investment operations lifecycle, 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 the third-party portfolio accounting system.
Ensure operational processes support tax-loss harvesting, tax transitions, capital gains management, ESG screens, restrictions, factor tilts, and client-specific constraints.
Partner with development and engineering teams to integrate portfolio management systems, trading platforms, and client reporting tools.
Oversee data flows across benchmark, security master, client restrictions, and tax-lot systems.
Lead and develop a team of approximately 10 crew members, establish performance expectations, and promote accountability, continuous improvement, and operational excellence.
Work with the embedded first-line risk partner to identify operational risks and implement effective controls.
Drive process standardization and automation, streamline workflows, improve efficiency, and 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 a high-touch client experience through accurate reporting and operational transparency.
Partner with client teams to support complex portfolios, including concentrated stock, transitions, and tax-sensitive mandates.
Represent Operations as a subject matter expert in client-facing discussions, including conversations with prospective clients, custodians, SMA sponsor platforms, and other third-party partners.