Meet our Fixed Income Group team

Man and woman in discussing in an overhead shot.

Meet our Fixed Income Group team

Vanguard Perspective

 | 

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

Sara Devereux
Global Head of Fixed Income Group
Sara Devereux

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.

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

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.

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

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

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.

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

Kaitlyn Caughlin, CFA, CFP

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

Joe Davis
Vanguard Global Chief Economist
Joe Davis

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

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

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.

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

Mathew M Kiselak

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

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

Justin Schwartz, CFA

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

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

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:

  • For more information about Vanguard funds or Vanguard ETFs, visit advisors.vanguard.com or call 800-997-2798 to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.      
  • Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.
  • Past performance is no guarantee of future results. All investing is subject to risk, including possible loss of principal. Diversification does not ensure a profit or protect against a loss.
  • Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments.
  • U.S. government backing of Treasury or agency securities applies only to the underlying securities and does not prevent share-price fluctuations. Unlike stocks and bonds, U.S. Treasury bills are guaranteed as to the timely payment of principal and interest.
  • Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income.

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