Position: Associate, Portfolio Manager / Derivatives Trader - Derivatives SMA (Option Overlays)
About this role
Spider Rock Advisors ("SRA"), a wholly owned subsidiary of Black Rock 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
Bachelor's degree in a STEM discipline (Computer Science, Engineering, Statistics, or similar) required;
Master's a plus.
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$ - USD$ . Additionally, employees are eligible for an annual discretionary bonus, and benefits including healthcare, leave benefits, and retirement benefits. Black Rock operates a pay-for-performance compensation philosophy and your total compensation may vary based on role, location, and firm, department and individual performance.
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