Sovereign Analyst

The Vanguard Group • Malvern, PA

4d • Hybrid

About The Position

Vanguard’s market‑leading active Emerging Markets (EM) team is seeking a Sovereign Analyst to join our active fixed income group. This is an exciting opportunity to help expand one of the fastest‑growing areas within Vanguard’s active fixed income platform, contributing to dedicated EM funds as well as EM allocations within broader active fixed income mandates. The role will also support future product development as we continue broadening Vanguard’s active EM capabilities. Based at Vanguard’s global headquarters in Malvern, PA, a suburb of Philadelphia, you will collaborate closely with EM portfolio managers, traders, and research colleagues to generate actionable investment recommendations across local rates, sovereign credit, and FX, with a primary focus on Latin America. The position will report to the U.S.-based Head of Emerging Markets Fixed Income Research. In this role, you will complement our existing Latin America sovereign analyst, focusing particularly on building and deepening our local rates capabilities while jointly contributing to the region’s sovereign credit analysis. This role is suited for mid‑career professionals who want to grow within a collaborative, research‑driven, and intellectually rigorous investment team. Success requires strong analytical skills, effective communication abilities, and comfort navigating fast‑moving market conditions. Your work will directly influence investment decisions, drive alpha generation, and reinforce Vanguard’s reputation as a leader in emerging markets fixed income.

Requirements

• 5 to 8 years of total professional experience, including at least four years focused on EM sovereign credit or EM macroeconomic research, ideally involving Latin America.
• Experience conducting sovereign research across credit and rates, with a preference for candidates who have worked on local rates or interest‑rate strategy.
• Strong quantitative modeling and coding capabilities; experience developing fundamental and/or relative‑value models.
• Demonstrated ability to generate and implement relative value investment recommendations in EM fixed income.
• Strong understanding of fixed income concepts and investment strategy.
• Ability to communicate investment views clearly, succinctly, and effectively across global teams.
• Undergraduate degree in finance, economics, or a related field

Nice To Haves

• Progress toward a graduate degree and/or CFA preferred.
• Spanish and/or Portuguese language skills preferred.

Responsibilities

• Complement the existing Latin America sovereign credit analyst, with a focus on expanding and strengthening the team’s Latin American local rates coverage, while also contributing to sovereign credit and FX views.
• Collaborate with U.S.-based EM portfolio managers and regional analysts to formulate and present investment recommendations across your assigned markets within Latin America.
• Produce high‑quality investment research—including written reports, financial models, and presentations—in a collaborative team environment.
• Help enhance and refine the EM investment process, bringing new analytical approaches, models, or frameworks to the team.
• Develop relative value recommendations across countries and asset classes, calibrating views against broader EM sovereign, EM corporate, and global fixed income markets.
• Contribute to both tactical (short‑term) and strategic (long‑term) perspectives within the EM sovereign investment framework.
• Monitor regional macroeconomic, political, and market developments and understand the evolving risk factors that drive sovereign yields, curve dynamics, and FX performance across Latin America.
• Leverage and expand relationships with policymakers, central banks, multilateral institutions, and sell‑side research providers.
• Lead or participate in strategic initiatives across the EM team and the broader Fixed Income organization as need

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level