Mortgage-Backed Securities Trader

Vanguard•Malvern, PA

7d•Onsite

About The Position

Vanguard, one of the world's largest investment management companies and a recognized employer of choice, seeks an MBS Trader to support Vanguard's actively managed Fixed Income Portfolios. 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. 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 largest 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. This website uses "cookies" to distinguish you from other users. A cookie is a small file of letters and numbers placed on your computer or device. This helps us to provide you with a good experience when you browse our website and also allows us to improve our site and services. The cookies are stored locally on your computer or mobile device. To accept cookies you can continue browsing as normal. Or you can go to our Privacy Policy to read more information and learn how to change your preferences.

Requirements

Undergraduate degree (preferably in accounting, finance, economics, math or engineering).
An excellent understanding of financial markets and macroeconomics.
Prior trading experience preferred.
Detail-oriented
Ability to work in a fast-paced environment
Excellent communication and mathematical skills
Strong analytical and problem-solving skills
Ability to work independently

Nice To Haves

MBA/Masters/Ph.D. and/or CFA preferred.

Responsibilities

Trade and help manage Agency MBS and Agency CMBS positions for Vanguard’s actively manage 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 outlook for the MBS markets.
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 the model output to portfolio managers and senior managers.
Analyze the funds’ performance relative to the benchmark.
Interpret and report on the performance attribution for the MBS positions.
Track the Agency MBS sector 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 in the MBS 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.