How Vanguard’s most senior leaders see the markets

Join Joe Davis, Vanguard Global Chief Economist, Sara Devereux, Global Head of Vanguard Fixed Income Group, and other senior Vanguard thought leaders at this webinar series as they share their views on the global economy, central bank policy, equity and bond markets, and more. Find out what this could mean for client portfolios today, and which long-term Megatrends could drive economies and markets over the coming decades.

The webinar sessions will be conducted in English.

Speakers

Joseph H. Davis, Ph.D.  + ' ' + Global Chief Economist and Global Head of the Investment Strategy Group
Joseph H. Davis, Ph.D.

Global Chief Economist and Global Head of the Investment Strategy Group

Profile

Joseph H. Davis, Ph.D., is Vanguard’s global chief economist and global head of the Investment Strategy Group. He leads a global 75-person research organization that is responsible for Vanguard’s thought leadership agenda as well as the development and oversight of the firm’s investment methodologies and models.

Joe chairs the firm’s Strategic Asset Allocation Committee, which governs multi-asset-class investment solutions, and he is a member of the Senior Investment Committee for Vanguard’s Fixed Income Group. He also holds roles on global advice and product committees.

Joe is a frequent keynote speaker, has published white papers in leading academic and practitioner journals, and currently serves on the editorial board of The Journal of Portfolio Management and the Journal of Fixed Income. Previously, Joe has been one of few nonacademic researchers ever to be recognized as a Research Fellow by the National Bureau of Economic Research for his contributions to our understanding of U.S. business cycles.

Joe earned his B.A. summa cum laude from Saint Joseph’s University, earned his M.A. and Ph.D. in economics at Duke University, and is a graduate of the Advanced Management Program at The Wharton School of the University of Pennsylvania.

Sara Devereux + ' ' + Global Head of Fixed Income Group Investment Management Group
Sara Devereux

Global Head of Fixed Income Group Investment Management Group

Profile

Sara Devereux is a principal at Vanguard and global head of its Fixed Income Group, which manages over $2 trillion in assets. The group focuses on portfolio management, trading, and research for Vanguard’s internally managed fixed income funds and ETFs, including actively managed bond and money market portfolios and bond index portfolios. She is also the chair of the Senior Investment Committee team responsible for Vanguard’s actively managed fixed income portfolios, a member of the firm’s Global Investment Committee, and a member of its Investment Risk Council.

Prior to her current role, Ms. Devereux served as global head of rates, with oversight of all active rates, money market portfolios, and rates-related strategies across the active taxable fixed income franchise. She also had oversight of foreign exchange and derivatives trading activities.

Before joining Vanguard in 2019, Ms. Devereux was a partner at Goldman Sachs, where she spent over 20 years in mortgage backed securities and structured products trading and sales. Earlier in her career, she worked at HSBC in risk management advisory and interest rate derivatives structuring. She started her career as an actuary at AXA Equitable Life Insurance.

Ms. Devereux holds a B.S. in mathematics from the University of North Carolina at Chapel Hill and an M.B.A. from The Wharton School of the University of Pennsylvania.

Panel discussion

Ales Koutny + ' ' + Head of International Rates, Vanguard Europe
Ales Koutny

Head of International Rates, Vanguard Europe

Profile

Ales Koutny, CFA, is the Head of International Rates at Vanguard. He is responsible for the portfolio management of global governments and foreign exchange strategies. He joined the company in 2023.

Prior to joining Vanguard, Ales was a Global Macro Portfolio Manager at Janus Henderson, where he spent 8 years managing a range of global and unconstrained strategies. He started his career as an Analyst at JP Morgan Asset Management.

A CFA® charter holder, Ales also holds a M.Sc. in Data Science from City, University of London and a M.Sc. in Finance from Grenoble EM. He earned a B.A. (Hons) in Entrepreneurship from Manchester Metropolitan University.

Nick Eisinger + ' ' + Co-Head of Emerging Markets Active Fixed Income
Nick Eisinger

Co-Head of Emerging Markets Active Fixed Income

Profile

Nick Eisinger is a Principal and co-head of Vanguard Emerging Markets active fixed income. In addition he is a senior member of the global (credit) asset allocation committee.

Nick previously worked at Fidelity Investments on global bond markets (EM and developed) and macro strategy. Nick has also worked at Deutsche Bank in London on structuring asset-backed transactions across the Middle East and Emerging Europe. Nick was previously head of the emerging markets securitization team at Fitch in London, and before that worked in global sovereign ratings, also at Fitch, for over 7 years. Nick graduated from the University of Edinburgh with a 2.1 in modern languages, and also holds a MSc. Post Graduate degree in Latin American Politics and Economics from London University.

Sarang Kulkarni + ' ' + Lead Portfolio Manager,
Global Credit Bond, Vanguard Europe
Sarang Kulkarni

Lead Portfolio Manager,
Global Credit Bond, Vanguard Europe

Profile

Sarang Kulkarni is the lead portfolio manager for our active Global Credit and Pan-European Corporate strategies.

Prior to joining Vanguard, Sarang worked at Schroders Investment Management where he was the co-lead manager for a range of global credit funds invested in opportunities in investment grade, high yield and emerging market debt.  As part of his role, Sarang worked closely with analysts, strategists and portfolio managers across the globe.

Before Schroders, Sarang was a Senior Portfolio Manager at Aerion Fund Management, the principal investment manager to the British Gas Pension Scheme where he was responsible for the scheme’s GBP investment grade portfolio.  Sarang also played a key role in the fixed income strategy committee as well as on the cross-asset thematic investment team.

Sarang started his career as a corporate financier in Asia working for Peregrine Capital.  He moved to London in 1998 to work with Andersen Corporate Finance.  During that time, Sarang was responsible for creating several innovative debt financing solutions for the Infrastructure, Utilities and Acquisition Financing sectors.

Sarang is a CFA Charterholder and holds a Post Graduate Diploma in Management from the Indian Institute of Management - Calcutta, and a Bachelors' degree in Electrical Engineering from the University of Mumbai. Having lived and worked on three different continents, Sarang is a keen traveler, very curious about local cultures – especially the cuisines!

Moderated by

Kelly Gemmell + ' ' + Head of Fixed Income Product Specialism, Vanguard Europe
Kelly Gemmell

Head of Fixed Income Product Specialism, Vanguard Europe

Profile

Kelly Gemmell, CFA, Heads the Fixed Income Product Specialism team in Europe. Her team covers active and index mutual funds and ETFs.

Kelly joined Vanguard in 2022, having previously worked in discretionary portfolio management at Morgan Stanley and Credit Suisse. She analysed equity and fixed income securities and managed equity, fixed income and multi asset portfolios. She also led the development of the sustainable direct securities platform for both equity and fixed income.

Kelly holds a bachelor’s degree in Business Management from Kings College London, is a CFA charterholder and holds CFA institute certificates in both ESG investing and Climate and Investing.

Simone Rosti + ' ' + Head of Italy and Southern Europe, Vanguard Europe
Simone Rosti

Head of Italy and Southern Europe, Vanguard Europe

Profile

Simone Rosti is the Country Head for Italy, he joined Vanguard in June 2018 and is responsible for setting up, developing and growing the Vanguard ETF, index and active funds business in Italy. Simone joined from UBS Asset Management where he was Head of Passive & ETF Sales for Europe since January 2017.

He joined UBS in 2012 as Head of ETFs Italy as well as Southern Europe since 2015. Previously Simone worked for iShares/BlackRock as Senior Sales for the Italian market and as Head of Marketing from 2007 until 2012 (based in London from 2007 until 2010). Before that he worked in the Italian asset management industry since 2002.

Simone holds a MSc in Political Science and International Relations from Università Cattolica del Sacro Cuore di Milano.

What's shaping the future of markets?

Zurich

Megatrends and markets

Joseph H. Davis, Ph.D.

Global Chief Economist and Global Head of the investment Strategy Group

Read more about the webinar session
Milan

Navigating a shifting fixed income landscape

Sara Devereux

Global Head of Fixed Income Group

Read more about the webinar session
Munich

Bond market deep-dive panel discussion

Ales Koutny

Head of International Rates, Vanguard, Europe

Nick Elsinger

Co-Head of Emerging Markets Active Fixed Income

Sarang Kulkarni

Lead Portfolio Manager, 
Global Credit Bond, Vanguard Europe

Read more about the webinar session
Register for the webinar session
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This document is directed at professional investors and should not be distributed to, or relied upon by retail investors.

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The information contained in this document is for educational purposes only and is not a recommendation or solicitation to buy or sell investments.

This event is hosted by Vanguard Group (Ireland) Limited.

Issued by Vanguard Asset Management, Limited which is authorised and regulated in the UK by the Financial Conduct Authority.

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