About this role
Introduction
Due to the recent significant expansion in BlackRock Alternative Investors (BAI), a new role is being created for a permanent hire in New York to join the global Alternatives Product Tax Group. This team currently comprises 22 staff in total and is headed up by a Managing Director based in New York.
About BlackRock
BlackRock is the world’s largest asset management company, the BlackRock group is independently listed (ticker: BLK) and headquartered in New York. The group has a business line, as well as regional, structure. Thus, a global umbrella structure for our Alternatives businesses is supplemented by North America, EMEA, Asian and Latin American regions.
BlackRock Alternative Investors (“BAI”) is responsible for investment management, strategic planning and oversight across BlackRock’s $180+ billion alternatives investment platform. BAI’s platform includes alternative solutions, direct hedge fund strategies, hedge fund solutions, private equity solutions, private market opportunities, real estate and infrastructure investments.
This role exists within the 22 strong global Alternatives Product Tax team, part of a strong global tax function headed up out of New York.
BlackRock is currently active in the following Alternatives areas:
- Private equity solutions
- Direct hedge funds
- Hedge fund solutions
- Private infrastructure (equity and debt)
- Real estate (equity and debt)
- Alternative solutions
- Direct private equity
- Private credit (Mortgage securitisation / CLOs / direct lending)
Role description
This is an in-house tax advisory role, with strong technical and business exposure to a subset of the Alternatives areas detailed above. It is currently envisaged that the roleholder would be responsible for assisting in covering the following areas (although some flexibility may be possible depending on the roleholder’s experience, knowledge and interest):
- Private credit (direct lending / Mortgage securitization / CLOs)
- Hedge funds
The role involves:
- Providing hands-on tax support to the BlackRock Alternatives business areas in the United States
- Assistance with new product launch tax work, including review of documentation and ongoing tax oversight for the fund ranges and vehicles associated with those businesses
- Oversight of documentation and tax due diligence on selected investments to be held by the funds
- Assistance in development of more robust tax-related processes and procedures, as the platform expands
- Working with the wider US Product Tax team (i.e., including non – Alternatives) on matters arising which impact BLK’s broader product offering
Reporting line
The roleholder will report to a Director in the Alternatives Product Tax team in New York. The Director reports to the Global Head of Alternatives Tax (based in New York), who reports to the Deputy Global Head of Tax (based in New York). The role involves working laterally both with members of the global Alternatives Product Tax team (based in the US, EMEA, and Asia Pac) as well as the broader US Product Tax team (i.e., non – Alternatives).
Key responsibilities
For the assigned Alternatives areas outlined above:
- Assist in the product tax work required for new product structuring and development
- Review tax structuring and documentation for new funds, SPVs and other investment vehicles
- Oversight of tax due diligence on investment acquisitions and review of tax provisions of transactional documents
- Support BlackRock’s client relations and sales & marketing teams with client communications (including potential investors)
- Provide tax input in relation to tax provisions drafted in client side letters
- Liaise closely with members of the global Alternatives Product Tax Group responsible for covering the Alternatives areas above in their respective region (based in the US, EMEA and Asia Pac)
- Answer, or assist in the handling of, investor queries related to the taxation of the BlackRock products associated with the Alternatives areas outlined above
- Assist with oversight of US tax reporting compliance work outsourced to external advisors
- Support Product Development teams in evaluating and developing new products with insightful and practical tax input
- Recognize enquiries and issues that relate to corporate tax, transfer pricing or VAT, and route these promptly to the appropriate wider tax team members
For assigned fund ranges:
- Advise on tax issues arising with new product launches
- Undertake necessary tax due diligence and setup needed for new launches, with support from team colleagues as required
- Monitor tax technical developments affecting these funds, and respond as necessary
- Maintain oversight of the tax operational processes that are necessary to support each fund
Skills and experience – required
The following are required from all candidates:
- Master’s Degree in Taxation, CPA, or JD
- Knowledge of tax aspects of hedge funds and private equity funds
- Understanding of fund and SPV structures for alternative investments
- Experience reviewing tax provisions of LPAs, PPMs, side letters and transactional documents such as credit agreements
- At least 3+ years experience in the investment management taxation industry with emphasis on alternative products.
- Experience in presenting tax issues to small seminar groups
Skills and experience – advantageous
The following would be of advantage, but are neither required nor expected of candidates:
- In depth knowledge of all Alternatives areas that BlackRock offers
- Knowledge of US withholding, the US QI system and the FATCA regulations
Aptitudes
This is a high exposure role, involving much direct contact with the BlackRock Alternatives business lines – and some with end clients. The product range is often highly challenging in tax technical terms. Accordingly, it is important that the roleholder:
- is highly conversant with the subject area
- is able to communicate complex tax issues clearly and concisely, in a manner targeted at a wide range of different audiences
- is a credible and well-presented professional adviser
- has the interpersonal skills to work effectively within a large in-house tax team, cross-border teams and with multidisciplinary business and project teams
- is able to meet tight time deadlines and perform effectively under time pressure.
Experience and qualifications
It is envisaged that the roleholder will hold a professional tax / legal qualification and will have spent some time during their career working in practice, either at a law firm, a Big 4 accountancy firm or in-house at a private equity or hedge fund or an asset management company.
The roleholder should have at least 3+ years’ experience working in Alternative fund taxation.
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, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2019, the firm managed approximately $6.96 trillion in assets on behalf of investors worldwide.
For additional information on BlackRock, please visit http://www.blackrock.com/corporate | Twitter: @blackrock |
Blog: http://www.blackrockblog.com | LinkedIn: http://www.linkedin.com/company/blackrock
BlackRock is proud to be an Equal Opportunity and Affirmative Action Employer. We evaluate qualified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.
BlackRock will consider for employment qualified applicants with arrest or conviction records in a manner consistent with the requirements of the law, including any applicable fair chance law.
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