About this roleDepartment DescriptionThe Middle Office team (MO) within Private Financing Solutions (PFS) - Blackrock's private credit platform - is responsible for ensuring the Fund's positions and cash balances are accurate. They manage the lifecycle of all trades/investments. They are responsible for trade capture, trade settlement, loan administration, daily cash and position reconciliations, corporate action elections/recordings, audit requests, new mandate onboarding, and PnL break analysis and resolution with fund administrators. MO handles ad-hoc requests that come from the deal team and/or separately managed account clients. The team interacts closely with the Deal Execution, Treasury, Fund Accounting, Fund Finance, Cash Management, Portfolio Analytics, Data Analytics, Valuations and the Deal Teams daily.
Position Description HPS is seeking an Associate to join the Middle Office Operations team. The individual should be highly organized with strong attention to detail, written and verbal communication skills. They should have the ability to meet strict deadlines, work independently and as part of a team, as well as possess excellent critical thinking/problem-solving skills. The platform is scaling very rapidly, so the desire for a fast-paced environment is crucial.
Responsibilities Specific responsibilities will include but not be limited to the following:
- Researching and resolving cash breaks vs. custodians
- Researching and resolving position breaks vs. custodians/clients/administrators/other systems
- Perform cash and asset reconciliations between internal systems (e.g., Aladdin) and custodians.
- Play a key role in the daily reconciliation between HPS & BlackRock's accounting systems
- Daily oversight of loan and security administration in the firm's accounting system to support internal post close loan administration: tracking delayed fundings, contracts, coupon payments, factor payments, and maturities
- Investigate any transactional or accrual discrepancies that may arise
- Assist with settlement of secondary loan trades and direct lending
- Collaborate closely with Administrative Agents, Borrowers and Legal with regards to KYC documentation, including administrative details, tax and fund formation documents
- Provide full trade life cycle operational support for products including but not limited to Bonds (Fixed & Floating Rate), ABS, Cross-Currency Swaps, Term Loans, Delayed Draw Term Loans, and Revolvers
- Work closely with custodians daily - fielding questions on how to apply cash, and position discrepancies
- Assist with confirming positions and providing support where needed for both internal and SMA auditors
- Daily interaction with internal and external groups to troubleshoot any booking and/or position discrepancies (Front Office/Fund Accounting/Fund Administrators/SMA Clients/Auditors)
- Perform daily transaction reconciliation with accounting administrator, and monthly position/cost/market value reconciliation during the monthly lockdown process
- Collaborate with technology teams on automation and workflow enhancements; Execute User Acceptance Testing (UAT), including scenario testing and error resolution before production release
- Liaise with multiple internal groups such as accounting, product control, valuations, investment data, etc. to resolve open queries and perform additional responsibilities as required to support team objectives
- Engage in cross-functional initiatives and group-level projects.
- Manage transactional data for alternative products by sourcing from legal documents and third-party notices, and inputting into internal systems.
- Act as a Point of Contact for all external investment managers with regards to life cycle of our deals.
- Ensure relevant controls are in place and are being diligently adhered to by the team members to operate in a risk-controlled environment.
- Provide requisite oversight on daily and Adhoc process and assist the team in dealing with issues, escalations and complicated scenarios.
- Collaborate with external service providers and internal teams to exchange product and asset data and resolve operational issues.
- Maintain and regularly update process documentation and control frameworks.
Candidate Profile- Graduate with a Bachelor's degree in Finance or Accounting
- 3-7 years of experience in middle office/operations, data management, accounting, or administration, with a focus on alternative investment funds
- Deep understanding of alternative investment products (hedge funds, structured products, SMAs)
- Trading and settlement
- Life-cycle events: coupons, factors, amendments, tenders, maturity
- Cash and position reconciliation
- Strong Excel and Outlook Management Skills:
- Use of lookups, pivot tables, and extensive formulas - with the ability to build from scratch at any time
- Ability to sort through high number of emails per day without missing anything important, responding in a timely manner, and escalating when necessary
- Enjoys problem solving and critical thinking
- Ability to resolve complex issues efficiently and independently by leveraging knowledge obtained via training as well as past experiences
- Curiosity; need to not just be willing but wanting to learn and build upon existing knowledge every single day
- Experience using trade/accounting/security master systems; FIS VPM, Aladdin, Digitize, IVP Products and S&P Loan products
For New York, NY Only the salary range for this position is USD$105,000.00 - USD$135,000.00 . 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 benefitsTo 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 modelBlackRock'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.
Guidance on AI use for candidatesAt BlackRock, AI has long been part of how we work - enhancing decision-making, improving operations, and helping us deliver better outcomes for clients. We encourage candidates to use AI thoughtfully to learn, prepare, and work more effectively; but during our interview process, we want to focus on getting to know you through your own experiences, thinking, and judgment. To support you, we've provided
guidance on when and how to use AI during our hiring process so you can approach each step with confidence and showcase your best self.
