Associate, Portfolio Manager / Derivatives Trader – Derivatives SMA (Option Overlays)
About The Position
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.
Requirements
- 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.
Nice To Haves
- 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.
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.
Benefits
- employees are eligible for an annual discretionary bonus, and benefits including healthcare, leave benefits, and retirement 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.
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
Number of Employees
5,001-10,000 employees
