BlackRock’s Minority Investment in SpiderRock Advisors

Kramer Levin advised BlackRock on the deal while Vedder Price represented SpiderRock Advisors.

BlackRock has made a minority investment in SpiderRock Advisors, a leading provider of customized options strategies in the U.S. wealth market. The investment is part of a strategic venture between the firms to expand access for wealth firms and financial advisors to professionally managed, options-based separately managed account (SMA) strategies.

BlackRock is already an industry leader in SMAs for U.S. wealth management-focused intermediaries. The firm’s SMA franchise specializes in providing customized actively managed fixed income, equity, and multi-asset strategies and, including the recent acquisition of Aperio, manages over $190 billion in SMAs as of March 31, 2021.

The Kramer Levin team advising BlackRock was led by Corporate partners Ernest S. Wechsler (Picture) and Adi Herman, and included Corporate partner Kevin P. Scanlan, special counsel Darina Delappe, and associates Benjamin Edlin, Zachary Karlan; Tax partner Barry Herzog and counsel Jay Geiger; Employment Law partner Robert N. Holtzman and law clerk Kelly Schreiber; Executive Compensation and Employee Benefits partner Marissa J. Holob and associate Sumaya Ullah Restagno; Technology and IP Transactions partner Harry Rubin and associates Kaelin Brittin and Michelle Park; Investment Management partner George M. Silfen and associate Nicholas Tarnowski; and Litigation partner Alan R. Friedman and associate Austin Manes. Summer associates Jae Ellis and Jasmine Hakimian assisted on the transaction.

Joseph M. Mannon and fellow Shareholder Adam S. Lewis led the Vedder Price team representing SpiderRock in the deal, supported by team members Daniel B. Lange, Matthew P. Larvick, “Joe” Dongye Zhou, Jeff VonDruska, Rachel Behar, and Laure Sguario.

Involved fees earner: Adi Herman – Kirkland & Ellis; Kaelin Brittin – Kramer Levin Naftalis & Frankel; Darina Delappe – Kramer Levin Naftalis & Frankel; Benjamin Edlin – Kramer Levin Naftalis & Frankel; Alan Friedman – Kramer Levin Naftalis & Frankel; Jay Geiger – Kramer Levin Naftalis & Frankel; Barry Herzog – Kramer Levin Naftalis & Frankel; Marissa Holob – Kramer Levin Naftalis & Frankel; Robert Holtzman – Kramer Levin Naftalis & Frankel; Zachary Karlan – Kramer Levin Naftalis & Frankel; Austin Manes – Kramer Levin Naftalis & Frankel; Michelle Park – Kramer Levin Naftalis & Frankel; Harry Rubin – Kramer Levin Naftalis & Frankel; Kevin Scanlan – Kramer Levin Naftalis & Frankel; George Silfen – Kramer Levin Naftalis & Frankel; Nicholas Tarnowski – Kramer Levin Naftalis & Frankel; Sumaya Ullah Restagno – Kramer Levin Naftalis & Frankel; Ernest Wechsler – Kramer Levin Naftalis & Frankel; Rachel Behar – Vedder Price; Joe Dongye Zhou – Vedder Price; Daniel Lange – Vedder Price; Matthew Larvick – Vedder Price; Adam Lewis – Vedder Price; Joseph Mannon – Vedder Price; Laure Sguario – Vedder Price; Jeff VonDruska – Vedder Price;

Law Firms: Kirkland & Ellis; Kramer Levin Naftalis & Frankel; Vedder Price;

Clients: BlackRock; SpiderRock Advisors;

Author: Martina Bellini