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

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.