Meet our Fixed Income Group team

Man and woman in discussing in an overhead shot.

Meet our Fixed Income Group team

Vanguard Perspective

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April 17, 2024

Outperformance happens by design, not by chance. Meet the leadership team that helps drive our success in fixed income.¹

Fixed Income Group leadership

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Sara Devereux
Global Head of Fixed Income Group
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Sara Devereux

Global Head of Fixed Income Group

At Vanguard since 2019

In industry since 1992

Sara Devereux is a principal and global head of Fixed Income Group. Ms. Devereux has oversight responsibility for investment activities within the rates-related sectors of the taxable fixed income market including foreign exchange. Prior to joining the firm, Ms. Devereux was a partner at Goldman Sachs, where she spent over 20 years in mortgage-backed securities and structured product trading and sales. Earlier in her career, she worked at HSBC in risk management advisory and in interest rate derivatives structuring. Ms. Devereux started her career as an actuary at AXA Equitable Life Insurance. Ms. Devereux earned a B.S. in mathematics from the University of North Carolina at Chapel Hill and an MBA from the Wharton School of the University of Pennsylvania.

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Christopher Alwine, CFA
Global Head of Credit
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Christopher Alwine, CFA

Global Head of Credit

At Vanguard since 1990

In industry since 1990 

Christopher Alwine is global head of Credit and Rates, where he oversees portfolio management and trading teams in the United States, Europe, and Asia-Pacific for active corporate bond, structured product, and emerging markets bond portfolios. He joined Vanguard in 1990 and has more than 20 years of investment experience.

Mr. Alwine was previously head of Vanguard's Municipal Group. There, he led a team of 30 investment professionals who managed over $90 billion in client assets across 12 municipal bond funds. He has served in multiple roles throughout his career in the Fixed Income Group. His experience includes trading, portfolio management, and credit research. Mr. Alwine's portfolio management experience spans both taxable and municipal markets, as well as active and index funds. He is also a member of the investment committee at Vanguard that is responsible for developing macro strategies for the funds.

Mr. Alwine earned a bachelor's degree in business administration from Temple University and an M.S. in finance from Drexel University. He holds the Chartered Financial Analyst® certification.

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Roger Hallam, CFA
Global Head of Rates
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Roger Hallam, CFA

Global Head of Rates

At Vanguard since 2022

In industry since 2000

In his role as global head of Rates, Roger Hallam oversees the Global Rates, Treasury, Mortgages and Volatility, Currency, and Money Market Teams. He is a member of the Vanguard Senior Leadership Team and the Senior Investor Team. Prior to joining Vanguard, Mr. Hallam had been at J.P.Morgan Asset Management for more than 20 years as a senior global fixed income portfolio manager, and more recently as chief investment officer for Currencies. Mr. Hallam served as chair of the Currency Investment Policy Committee and was a member of the Global Fixed Income, Currency, and Commodity Investment Quarterly strategy team. He earned a B.S. from the University of Warwick and is a CFA charterholder.

Paul Malloy headshot
Paul Malloy, CFA
Head of U.S. Municipals
Paul Malloy headshot

Paul Malloy, CFA

Head of U.S. Municipals

At Vanguard since 2005

In industry since 2005 

Paul Malloy is head of municipal investment at Vanguard. Previously, he was head of Vanguard Fixed Income Group, Europe. In this role, Mr. Malloy managed portfolios that invested in global fixed income assets. He also oversaw Vanguard's European Credit Research team. Mr. Malloy joined Vanguard in 2005 and the Fixed Income Group in 2007 and has held various portfolio management positions in Vanguard's offices in the United Kingdom and the United States. In past roles, he was responsible for managing Vanguard's U.S. fixed income ETFs as well as overseeing a range of fixed income index mutual funds.

Mr. Malloy earned an M.B.A. in finance from the Wharton School of the University of Pennsylvania and a B.S. in economics and finance from Saint Francis University. He is a CFA® charterholder.

Dan Larkin headshot
Kaitlyn Caughlin, CFA, CFP
Global Head of Investment Risk
At Vanguard since 2007
In industry since 2008
Dan Larkin headshot

Kaitlyn Caughlin, CFA, CFP

Global Head of Investment Risk<br>At Vanguard since 2007<br>In industry since 2008

Nathaniel Earle headshot
Joe Davis
Vanguard Global Chief Economist
Nathaniel Earle headshot

Joe Davis

Vanguard Global Chief Economist

Active fixed income at Vanguard

$219B

Taxable bond AUM
19 funds/ETF*

$208B

Municipal bond AUM
5 national funds/7 state-specific funds

25+

Portfolio managers

35+

Traders

60+

Credit research analysts

130+

Dedicated team members

*Includes funds advised by Wellington Management company LLP.

Note: Data as of December 31, 2023.

Municipal Investment team

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Paul Malloy, CFA
Head of U.S. Municipals
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Paul Malloy, CFA

Head of U.S. Municipals

At Vanguard since 2005

In industry since 2005 

Paul Malloy is head of municipal investment at Vanguard. Previously, he was head of Vanguard Fixed Income Group, Europe. In this role, Mr. Malloy managed portfolios that invested in global fixed income assets. He also oversaw Vanguard's European Credit Research team. Mr. Malloy joined Vanguard in 2005 and the Fixed Income Group in 2007 and has held various portfolio management positions in Vanguard's offices in the United Kingdom and the United States. In past roles, he was responsible for managing Vanguard's U.S. fixed income ETFs as well as overseeing a range of fixed income index mutual funds.

Mr. Malloy earned an M.B.A. in finance from the Wharton School of the University of Pennsylvania and a B.S. in economics and finance from Saint Francis University. He is a CFA® charterholder.

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Mathew M Kiselak
Head of Active Municipals Portfolio Management
At Vanguard since 2010
In industry since 1987
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Mathew M Kiselak

Head of Active Municipals Portfolio Management<br>At Vanguard since 2010<br>In industry since 1987

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Justin Schwartz, CFA
Head of Index and Money Market Municipals
At Vanguard since 2004
In industry since 2004
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Justin Schwartz, CFA

Head of Index and Money Market Municipals <br>At Vanguard since 2004<br>In industry since 2004

Paul Malloy headshot
Nathan Will, JD
Head of Municipal Credit Research
At Vanguard since 2006
In industry since 2004
Paul Malloy headshot

Nathan Will, JD

Head of Municipal Credit Research<br>At Vanguard since 2006<br> In industry since 2004

Global Investment Management and Financial Risk team

A map of the world showing location of Vanguard risk professionals: 45+ in the U.S., 10+ in Europe, 10+ in Australia.

 

 

70+

Portfolio managers

  • Investment risk.
  • Operational risk.
  • Quantitative research.

Source: Vanguard, as of December 31, 2023.

 

1 Over the past 10 years, 95% of Vanguard active bond funds outperformed their peer-group averages. For the 10-year period ended December 31, 2023, 42 of 44 Vanguard active bond funds outperformed their peer group averages; results will vary for other time periods. Only funds with a minimum 10-year history were included in the comparisons. (Source: Lipper, a Thomson Reuters company.) Note that this competitive performance data represents past performance, which is not a guarantee of future results, and that all investments are subject to risks. For the most recent performance, visit our website at www.vanguard.com/performance.

 

Notes:

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