Director of Investment Operations, Direct Indexing

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.