The Director of Investment Operations leads the execution and ongoing evolution of the operations supporting the direct indexing platform, ensuring scalable, accurate, and tax-efficient execution of personalized separately managed accounts (SMAs). This role partners closely with portfolio management, technology, dev/engineering, client teams, and risk to deliver operational excellence across a highly customized, tax-managed investment offering.
Key Responsibilities
Investment Operations Leadership
- Lead the day-to-day execution across investment operations lifecycle middle & back-office functions (account onboarding, portfolio implementation, reconciliation, reporting, contracting, billing, proxy voting, custody/3rd party management).
- Maintain a scalable operating model supporting high-volume, highly customized SMA portfolios
- Manage third-party portfolio accounting system.
- Ensure operational processes support ongoing tax management (tax-loss harvesting, tax transitions, and capital gains management) and portfolio customization (ESG screens, restrictions, factor tilts, client-specific constraints)
- Maintain close partnership with development/engineering teams to ensure seamless integration across portfolio management systems, trading platforms, and client reporting tools
- Oversee data flows across benchmark, security master, client restrictions, and tax-lot systems
Team Management & Development
- Lead and develop a team of ~10 crew members, with a focus on execution quality and continuous improvement
- Establish clear performance expectations aligned to accuracy, timeliness, and client outcomes
- Promote a culture of accountability, continuous improvement, and operational excellence
Operational Risk & Process Improvement
- Work with embedded 1st line risk partner to identify operational risks and implement effective controls to manage
- Drive process standardization and automation to scale operations, streamline workflows, and improve efficiency
- Support development of key performance metrics and operational reporting
Vendor & Service Provider Coordination
- Manage relationships with third-party vendors
- Establish service-level agreements and monitor performance against operational KPIs
- Resolve escalations and ensure continuity of service
Client Experience & Delivery
- Enable a seamless onboarding and servicing experience for SMA clients
- Support high-touch client experience through accurate reporting and operational transparency
- Partner with client teams to support complex portfolios (e.g., concentrated stock, transitions, tax-sensitive mandates)
- Represent Operations as subject matter expert in a client facing capacity, including support for conversations with prospective clients, custodian, SMA sponsor platforms, and other 3rd party partners.
Key Qualifications
- 10+ years in investment operations
- Deep understanding of direct indexing, equity SMAs, and tax-managed investing, including direct experience with one or multiple middle and back-office outsourcing platforms used by SMA managers (i.e., Vestmark, Advent, BNY Archer, SEI)
- Strong knowledge of 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
What Makes This Different (Direct Indexing Context)
Compared to traditional asset management operations, this role requires:
- Mass customization at scale (each portfolio is unique)
- Continuous tax optimization execution, not periodic
- High data complexity (tax lots, restrictions, personalization inputs)
- Tight integration with technology platforms to enable automation
- Client-level precision vs. fund-level processing
Special Factors
Sponsorship
Vanguard is not offering visa sponsorship for this position.
About Vanguard
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.
