Vanguard wants traders & researchers for a new actively managed European high yield business
High yield traders are popular in London this year. As we reported earlier this month, Deutsche Bank, Barclays, and Bank of America have all been hiring, as have hedge funds. Now Vanguard is joining the mix.
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Better known for its enormous passive funds business, Vanguard recently launched a high yield active ETF in the US and is now hiring for a new actively managed European high yield and leveraged finance franchise in London.
Nick Bowles, a former senior credit trader at Fidelity and ex-high yield trader at Credit Suisse announced this week that he's the first hire for the new desk. Bowles didn't respond to a request to comment for this article.
It's understood that a team is being assembled, and that a senior research hire is also on the way.
Vanguard has just released accounts for its UK entity, Vanguard Asset Services Limited. They reveal that it employed 1,000 people in London last year, of whom only 329 were in investment management jobs with the remainder spread across shared services, client services, operations, marketing, sales and management. The average employee was paid £156k ($210k), which is not bad if you're in an administrative role but not so good if you're a trader or portfolio manager.
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