Aliaga-Díaz: I have been at Vanguard for 16 years, and I have spent all of that time in the Investment Strategy Group. I originally joined as an economist—and even to this day I still spend time on economic analysis—but I have since expanded into research and portfolio construction-related efforts. I have been involved in developing some of our proprietary simulation models, including the Vanguard Life-Cycle Investing Model, which we use to evaluate and analyze our target-date funds. Currently I lead the portfolio construction research function within the Investment Strategy Group, which is a global team of about 20 people across the U.K., Australia, and the U.S. The team is dedicated to researching and constructing our target-date funds, including the development of the glide path that these portfolios are built upon.
Then there’s this newest collaboration with Mike, which is a really exciting opportunity to enhance the partnership across our departments. The multiasset space has long operated with input from many teams, but this new organizational structure really formalizes that. Together we’re looking over the asset allocation lineup, conducting annual revisions, and working with Vanguard’s Strategic Asset Allocation Committee (SAAC) to ensure that these portfolios continue to meet the needs of our investors. The new structure makes our process more rigorous, but also easier to understand from the point of view of our external stakeholders.
Roach: I just hit my 25-year Vanguard anniversary on June 1. I came here right after I finished my undergraduate degree, and my first role was as a customer service representative on the retail phone line. I talked to our clients every day, which is an experience that sticks with me today, especially as I’m managing money.
From there, my ambitions led me to a role in our Portfolio Review Department, where I was responsible for the oversight of our money managers, which included the search for potential new managers. That experience helped me hone my own investment philosophy, which was helpful when I later moved into a portfolio manager role in the Quantitative Equity Group, which is Vanguard’s internal actively managed equity team. In between those roles, I ran the equity risk management team, which offers independent oversight of our equity investment processes. All of the skills that I developed through my career at Vanguard are directly applicable to my new role here as the head of multiasset portfolio management.