Associate, Portfolio Manager / Derivatives Trader – Derivatives SMA (Option Overlays)

About this role

SpiderRock Advisors (“SRA”), a wholly owned subsidiary of BlackRock within US Wealth Advisory, is seeking an energetic and talented Portfolio Manager / Derivatives Trader. The role supports the design and implementation of customized option overlay strategies in SMAs for institutional and wealth clients, combining day-to-day trading implementation with a meaningful client-facing partnership component.

Scope of role (time allocation)

• ~2/3: portfolio management + derivatives trading implementation (trade generation/reviews, rebalances/rolls, risk/performance monitoring, workflow execution, meeting internal and client SLAs).

• ~1/3: client-facing partnership—supporting Option Strategists and field teams with education, mandate design discussions, portfolio reviews, and client updates.

• No travel expectation for this role.

Key responsibilities

• Accurately and efficiently implement model trades and highly customized option overlay portfolios; participate in trade generation/trade reviews and daily servicing workflows.

• Support performance and risk reviews, checking analyses and rebalancing decisions to ensure portfolios remain within mandate objectives and defined risk parameters.

• Translate portfolio actions into concise, client-ready messaging and materials (e.g., portfolio updates, mandate explanations, and outcome framing) in support of Option Strategists and field teams.

• Maintain strong process discipline and controls to reduce operational risk; escalate issues that could impact clients or the firm’s reputation; meet both internal and client-imposed deadlines/SLAs.

• Partner closely with Operations / Client Service teams to resolve breaks, exceptions, and time-sensitive issues; help improve the feedback loop between implementation and servicing.

• Identify, articulate, and escalate potential business, operational, and reputational risks; apply sound judgement under time constraints.

• Independently identify and/or drive process, workflow, or automation enhancements that improve scale and reduce operational friction.

• Write, debug, and test Python used for analytics, monitoring, automation, reporting, and operational tooling; work with large datasets and databases as needed.

• Actively share knowledge with teammates; participate in mentoring and learning opportunities for junior colleagues.

Key qualifications

• Education: Bachelor’s degree in a STEM discipline (Computer Science, Engineering, Statistics, or similar) required; Master’s a plus.

• Experience: typically 3–5+ years in a relevant role (derivatives trading, portfolio implementation, portfolio management, or quant/trading support).

• 3+ years of Python programming experience; ability to produce maintainable, testable code.

• Product knowledge of equity options (required); broad multi-asset familiarity is a plus.

• Familiarity with order management and trading systems; ability to troubleshoot day-to-day issues.

• Experience manipulating large datasets and working with databases/query tools (e.g., SQL).

• Strong client interaction skills and professional communication; trusted to execute with minimal oversight.

Preferred qualifications

• Progress toward CFA designation (e.g., Level I/II passed) is a plus.

• Knowledge of trade clearance and settlement processes is a plus.

• Experience working with external and/or internal clients on non-standard or complex mandates/strategies.

• Experience with market microstructure, algorithmic execution concepts, and/or FIX protocol.

• Understanding of clearing/operational considerations for listed derivatives.

• Transaction cost awareness (TCA concepts) and interest in execution quality.

• Strong familiarity with MS Office (Word, Excel, PowerPoint) and modern BI/reporting tools.

For Chicago, IL Only the salary range for this position is USD$105,000.00 - USD$140,000.00 . Additionally, employees are eligible for an annual discretionary bonus, and benefits including healthcare, leave benefits, and retirement benefits. BlackRock operates a pay-for-performance compensation philosophy and your total compensation may vary based on role, location, and firm, department and individual performance.

Our benefits

To help you stay energized, engaged and inspired, we offer a wide range of benefits including a strong retirement plan, tuition reimbursement, comprehensive healthcare, support for working parents and Flexible Time Off (FTO) so you can relax, recharge and be there for the people you care about.

Our hybrid work model

BlackRock’s hybrid work model is designed to enable a culture of collaboration and apprenticeship that enriches the experience of our employees, while supporting flexibility for all. Employees are currently required to work at least 4 days in the office per week, with the flexibility to work from home 1 day a week. Some business groups may require more time in the office due to their roles and responsibilities. We remain focused on increasing the impactful moments that arise when we work together in person – aligned with our commitment to performance and innovation. As a new joiner, you can count on this hybrid model to accelerate your learning and onboarding experience here at BlackRock.

About BlackRock

At BlackRock, we are all connected by one mission: to help more and more people experience financial well-being.  Our clients, and the people they serve, are saving for retirement, paying for their children’s educations, buying homes and starting businesses. Their investments also help to strengthen the global economy: support businesses small and large; finance infrastructure projects that connect and power cities; and facilitate innovations that drive progress.

This mission would not be possible without our smartest investment – the one we make in our employees. It’s why we’re dedicated to creating an environment where our colleagues feel welcomed, valued and supported with networks, benefits and development opportunities to help them thrive.

For additional information on BlackRock, please visit @blackrock | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

BlackRock is proud to be an equal opportunity workplace. We are committed to equal employment opportunity to all applicants and existing employees, and we evaluate qualified applicants without regard to race, creed, color, national origin, sex (including pregnancy and gender identity/expression), sexual orientation, age, ancestry, physical or mental disability, marital status, political affiliation, religion, citizenship status, genetic information, veteran status, or any other basis protected under applicable federal, state, or local law. View the EEOC’s Know Your Rights poster and its supplement and the pay transparency statement.

 

BlackRock is committed to full inclusion of all qualified individuals and to providing reasonable accommodations or job modifications for individuals with disabilities. If reasonable accommodation/adjustments are needed throughout the employment process, please email Disability.Assistance@blackrock.com. All requests are treated in line with our privacy policy.

BlackRock will consider for employment qualified applicants with arrest or conviction records in a manner consistent with the requirements of the law, including any applicable fair chance law.