BlackRock Completes Acquisition of SpiderRock Advisors

NEW YORK & CHICAGO--(BUSINESS WIRE)-- BlackRock (NYSE: BLK) today announced the completion of its acquisition of SpiderRock Advisors, LLC, a leading provider of option overlay-based strategies for separately managed accounts (SMAs). The acquisition strengthens BlackRock’s ability to deliver a robust platform of SMA solutions and customization capabilities to financial advisors and clients.

SpiderRock Advisors will be integrated into BlackRock’s U.S. Wealth Advisory business, which manages $186 billion in U.S. Wealth SMAs as of December 2023.

“This strategic move expands on our commitment to meeting the evolving needs of wealth managers and their clients,” said Joe DeVico, Co-Head of BlackRock’s U.S. Wealth Advisory business. “We are excited to finalize the acquisition of SpiderRock Advisors, further solidifying BlackRock’s leadership in SMA solutions.”

“SpiderRock complements BlackRock’s existing SMA product portfolio and the completion of this acquisition further enhances our ability to provide wealth managers with an extensive array of customization capabilities. With SpiderRock's advanced option overlay capabilities and derivatives expertise, we are positioned to deliver even greater value to our clients, helping them towards achieving better after-tax performance and personalization,” said Eve Cout, Head of the Portfolio Design & Solutions pillar within BlackRock’s U.S. Wealth Advisory business.

“We are excited to partner with BlackRock and broaden access to innovative option management solutions,” said Eric Metz, President and Chief Investment Officer of SpiderRock Advisors. “Together, we aim to empower more advisors in delivering tailored option overlay strategies to their clients.”

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

About SpiderRock Advisors

SpiderRock Advisors, LLC is a Chicago-based asset management firm focused on providing customized option overlay strategies to investors. Combining technology with comprehensive derivative management expertise, SpiderRock Advisors is making it easy for financial advisors and institutions to add option overlay strategies to their portfolios. SpiderRock Advisors manages approximately $4.8 billion as of February 2024 for firms in the RIAs, family office, national broker/dealers and institutional channels.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240430908841/en/

BlackRock

Christa Zipf

Phone: 646-231-0013

Email: christa.zipf@blackrock.com

SpiderRock Advisors

Ray Hennessy, Vocatus LLC

Phone: 973-527-1797

Email: rh@vocatusllc.com

Source: BlackRock

FAQ

What acquisition has BlackRock completed?

BlackRock has completed the acquisition of SpiderRock Advisors.

What does SpiderRock Advisors specialize in?

SpiderRock Advisors specializes in option overlay-based strategies for separately managed accounts.

How will the acquisition benefit BlackRock?

The acquisition will strengthen BlackRock's ability to offer a robust platform of SMA solutions and customization capabilities.

Who will be integrated into BlackRock's U.S. Wealth Advisory business?

SpiderRock Advisors will be integrated into BlackRock's U.S. Wealth Advisory business.

What is the current value of assets managed by BlackRock's U.S. Wealth Advisory business?

BlackRock's U.S. Wealth Advisory business manages $186 billion in U.S. Wealth SMAs as of December 2023.

Who is Joe DeVico?

Joe DeVico is the Co-Head of BlackRock's U.S. Wealth Advisory business.

Who is Eve Cout?

Eve Cout is the Head of the Portfolio Design & Solutions pillar within BlackRock's U.S. Wealth Advisory business.

Who is Eric Metz?

Eric Metz is the President and Chief Investment Officer of SpiderRock Advisors.