Conjugations commuting with $$\mathbf {M}_z$$
M
z
and intertwining $$\mathbf {M}_z$$
M
z
and $$\mathbf {M}_{{\bar{z}}}$$
M
z
¯
in $$L^2(\mathcal {H})$$
L
2
(
H
)
, where $$\mathcal {H}$$
H
is a separable Hilbert space, are characterized. We also investigate which of them leave invariant the whole Hardy space $$H^2(\mathcal {H})$$
H
2
(
H
)
or a model space $$K_\Theta =H^2(\mathcal {H})\ominus \Theta H^2(\mathcal {H})$$
K
Θ
=
H
2
(
H
)
⊖
Θ
H
2
(
H
)
, where $$\Theta $$
Θ
is a pure operator valued inner function.