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 opera ... (truncated, view full listing at source)