Structured Products Trader

Vanguard • Malvern, PA

2d • Onsite

About The Position

Join Vanguard’s Structured Products team within Active Fixed Income and contribute directly to portfolio performance through trading, investment idea generation, and portfolio positioning. The role focuses on structured credit markets, including ABS, CMBS, and CLOs. The trader applies market knowledge, cash-flow analysis, and relative-value assessment to identify and execute investment opportunities while collaborating closely with research and investment colleagues. This is an in-office role based in Malvern, Pennsylvania (HQ).

Requirements

• At least 5 years of relevant experience in structured credit trading or investing.
• Experience generating investment ideas and contributing to portfolio performance through trading, relative-value analysis, or portfolio positioning.
• Strong knowledge of structured credit markets.
• Experience using cash-flow modeling and analytical tools, including Intex or similar platforms.
• Ability to communicate investment views and collaborate effectively with research and investment partners.

Nice To Haves

• Established dealer and issuer relationships.
• Programming and/or data-analysis skills.
• Direct buy-side investment experience.
• CFA designation.

Responsibilities

• Execute structured credit trades across primary and secondary markets, with a focus on best execution.
• Generate investment ideas and identify relative-value opportunities across ABS, CMBS, CLOs, and other structured credit sectors.
• Contribute to portfolio construction and positioning through actionable trade recommendations.
• Analyze deal structures and cash flows to assess investment risk and return.
• Partner with research colleagues to evaluate collateral, structural characteristics, and market dynamics.
• Source investment opportunities and liquidity through dealer and issuer relationships.
• Monitor structured credit markets and communicate actionable market insights to investment teams.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: No Education Listed