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 PFS is seeking a Vice President 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:
- Oversight and resolution of 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
- Daily oversight of loan administration in the firm's accounting system to support internal post close loan administration: tracking contracts, principal/interest payments and drawdowns
- Play a key role in the daily reconciliation between HPS & BlackRock's accounting systems
- Investigate/help resolve any transactional or accrual discrepancies that may arise
- 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
- Oversee settlement of secondary loan trades and direct lending
- Work closely with custodians daily - fielding questions on how to apply cash, and building/providing amortization schedules for factored securities
- 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)
- Manage the restructure/amendment process from start to finish. Collect information from deal team, coordinate with Valuation, Tax and Accounting to finalize activity, booking in IBOR/ABOR systems when event becomes effective
- 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 regard to life cycle of our deals
- Contribute to the design and implementation of onboarding processes for new investments, including trade lifecycle, cash management, valuation, P&L recognition, and reconciliation
- Assisting and managing relationships with multiple managed service providers
- Perform Detailed Investment Return reconciliation versus full fund administrator
- 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
- Maintain and regularly update process documentation and control frameworks
- Provide daily, weekly monthly reporting metrics to senior leadership
- Coach and mentor junior staff on industry standards and best practices
Candidate Profile- Graduate with a bachelor's degree in Finance or related field
- 8-12 years of experience in financial services industry, private credit preferred
- Strong understanding of private credit
- Cash and position reconciliation/oversight
- Strong Excel and Outlook Management Skills:
- Knowledge of various operations and accounting related systems. Experience using a Security Master preferred
- Deep understanding of alternative investment products (hedge funds, structured products, SMAs)
- Experience using trade/accounting/security master systems; Aladdin, Digitize, FIS VPM IVP Products, ClearPar and/or Clearwater preferred
For Wilmington, DE Only the salary range for this position is USD$125,000.00 - USD$150,000.00 . 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.
