Portfolio Construction Researcher

Help shape how investment research translates into real-world portfolio recommendations for Vanguard investors. As a Portfolio Construction Researcher, you’ll combine quantitative research with practical implementation, using optimization, risk modeling, regression analysis, and portfolio analytics to develop and enhance portfolio-construction methodologies. You’ll have the opportunity to test new ideas, improve and scale existing approaches, validate model outputs, and help ensure research moves effectively from concept to production. This role is ideal for someone who brings quantitative depth, curiosity, strong judgment, and a passion for solving complex investment problems.

Responsibilities:

• Perform quantitative research and apply portfolio theory, multi-factor risk models, optimization, regression analysis, and portfolio analytics to develop and maintain investment recommendations.
• Execute and continuously improve repeatable portfolio-construction workflows, including data validation, model execution, output review, implementation support, and ongoing oversight.
• Maintain strong analytical and production controls through reproducible analyses, version-controlled code, testing evidence, clear procedures, and decision documentation.
• Develop and enhance Python-based research tools and workflows to improve analytical quality, scalability, and production efficiency.
• Partner with implementation, engineering, product, investment, and risk-and-control teams to translate research into scalable capabilities and maintain alignment among research and production outputs.
• Prepare and present clear recommendations, methodology documentation, presentations, and statistical analyses that explain assumptions, limitations, risks, and trade-offs to technical and nontechnical audiences.
• Contribute to investment debates, research planning, and adjacent portfolio-construction research, including tax-aware investing, concentrated positions, factor strategies, asset location, and multi-account solutions; participate in special projects as assigned.

Qualifications:

• Five years of related professional experience, including experience in investment research, portfolio analytics, risk, quantitative finance, financial technology, or investment implementation.
• Undergraduate degree or equivalent experience in finance, economics, mathematics, statistics, computer science, engineering, or a related quantitative discipline. Graduate degree or CFA designation preferred.
• Demonstrated proficiency in Python or a comparable analytical programming language, including experience working with large datasets and producing reproducible analysis.
• Working knowledge of portfolio theory, benchmark-relative risk, regression, optimization, and investment-performance analysis.
• Demonstrated attention to detail and experience executing controlled, repeatable analytical or production processes.
• Strong written and verbal communication skills, including the ability to explain quantitative analysis to nontechnical audiences.
• Demonstrated ability to collaborate across cross-functional teams.

Preferred Qualifications:

• Exposure to MSCI Barra, Axioma, or another multi-factor risk model and portfolio optimizer.
• Exposure to Git or other version-control tools, automated testing, and code-review practices.
• Exposure to AWS, SageMaker, or comparable cloud-based analytical environments.
• Familiarity with active-manager evaluation, model portfolios, or portfolio construction techniques.
• Experience supporting an investment methodology or analytical model used in a production environment.
• Familiarity with model governance, EUCT controls, validation, or investment-committee approval processes.

Special Factors

Sponsorship

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.

About Us

Vanguard, one of the world's leading investment management companies, serves individual investors, institutions, employer-sponsored retirement plans, and financial professionals. We have a diverse and talented crew with a culture that promotes teamwork, along with an unwavering focus on serving our clients' best interests.