Mortgage-Backed Securities Trader

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.

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.
• 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.
• 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.

• Undergraduate degree (preferably in accounting, finance, economics, math or engineering). MBA/Masters/Ph.D. and/or CFA preferred.
• 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