BlackRock to Acquire SpiderRock Advisors
2024年3月9日 - 12:39AM
ビジネスワイヤ(英語)
Acquisition will expand BlackRock’s offerings
in personalized separately managed accounts
SMAs are one of the fastest growing product
segments in the U.S. wealth industry
BlackRock (NYSE: BLK) has agreed to acquire the remaining equity
interest in SpiderRock Advisors (“SRA”), a leading provider of
customized option overlay strategies in the U.S. wealth market.
This transaction expands on BlackRock’s minority investment in SRA
made in 2021 and reinforces BlackRock’s commitment to personalized
separately managed accounts (SMAs).
“By giving BlackRock more SMA capabilities, this acquisition
will enable us to meet growing demand from wealth managers for
personalized, tax-efficient portfolios. We look forward to fully
integrating SRA’s team and capabilities into our U.S. Wealth
Advisory business and to further expanding our offerings in SMA
solutions,” said Joe DeVico, Co-Head of BlackRock's U.S. Wealth
Advisory business.
SMAs are one of the fastest-growing product segments in the U.S.
wealth industry. They are expected to grow from $2.7 trillion in
AUM as of Q3 2023 to $4 trillion by 2026 according to Cerulli
Associates, fueled by a fundamental client need: the desire to
customize portfolios for unique tax, values-alignment, or
investment outcomes. Advances in technology have made it even
easier to access SMAs, and client demand for personalization
continues to grow.
“Each investor has unique circumstances inherent with a
concentrated stock position or existing SMA portfolio. SRA’s highly
complementary solutions can provide advisors with a comprehensive
suite of customization capabilities that help solve clients’ unique
challenges, such as income generation, downside protection, and
tax-efficiency through the use of options,” said, Eve Cout, Head of
Portfolio Design & Solutions pillar within BlackRock’s U.S.
Wealth Advisory business.
SRA managed approximately $4.8 billion in client assets as of
February 2024. The firm’s SMA strategies are focused on income and
risk management for single securities as well as diversified
portfolios using derivative overlay strategies, and are accessible
through RIAs, family offices, national broker/dealers and
institutional channels.
BlackRock is an industry leader in SMAs for U.S. wealth
management-focused intermediaries, managing $186 billion in SMAs as
of December 2023. The firm’s SMA franchise specializes in providing
customized strategies, including Aperio’s direct indexing
capability, actively managed fixed income, equity and multi-asset
strategies to meet the growing demand for personalization in the
marketplace.
“We are thrilled to fully join the BlackRock team, and to
broaden access to SpiderRock Advisors’ options management solutions
for both taxable and tax-exempt investors,” said Eric Metz,
President and Chief Investment Officer of SpiderRock Advisors.
“Innovative advisors and investors understand the value of options
in their portfolios to better manage risk as we navigate a
challenging capital markets landscape. We look forward to
benefiting from BlackRock’s global reach and deep industry
relationships as we seek to help more advisors deliver tailored
options strategies to empower their clients towards achieving their
after-tax investment goals.”
The transaction, expected to close in Q2 2024, is subject to
customary closing conditions. The financial impact of the
transaction is not material to BlackRock earnings. Financial terms
were not disclosed.
Jones Day acted as legal counsel for SpiderRock Advisors, LLC.
Kramer Levin Naftalis & Frankel LLP acted as legal counsel for
BlackRock.
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 for firms in the RIAs, family
office, national broker/dealers and institutional channels.
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version on businesswire.com: https://www.businesswire.com/news/home/20240308158161/en/
BlackRock Christa Zipf christa.zipf@blackrock.com
646-231-0013
SpiderRock Advisors Ray Hennessy, Vocatus LLC Mobile
973-527-1797 Email rh@vocatusllc.com
BlackRock (NYSE:BLK)
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