About this role
Introduction
A role is being opened for a permanent hire in New York to join the global Private Markets Tax Group. This team currently comprises 30+ staff in total (who are located in the US, UK and Hong Kong) and is headed by two Managing Directors 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 Private Markets team is responsible for investment management, strategic planning and oversight across BlackRock's $340+ billion alternatives investment platform.
BlackRock is currently active in the following areas:
- Private equity and infrastructure solutions
- Direct private equity and venture capital
- Private credit (Mortgage securitization / CLOs / direct lending)
- Private infrastructure (equity and debt)
- Real estate (equity and debt)
- Hedge fund solutions
- Alternative solutions
- Direct hedge funds
Role description
This is an in-house tax oversight, coordination, tax accounting, and advisory role supporting the Private Markets Tax platform. This hire will help oversee tax compliance and advisory for BlackRock's infrastructure platform & carried interest partnerships. The infrastructure platform has grown quickly to $60b+ of AUM with equity funds, credit funds, and fund-of-funds. The role involves working laterally with the global Private Markets Tax team (based in the US, EMEA, and Asia Pac).
Key responsibilities
- Infrastructure Tax Role Lead and oversee the US tax compliance for certain infrastructure funds which is prepared by external providers
- Assist in overseeing the global infrastructure tax compliance alongside the EMEA & APAC Private Markets tax teams
- Tax advisory and compliance input during deal tax due diligence and tax structuring on selected investments to be held by the funds
- Support BlackRock's client relations and sales and marketing teams with investor communications (including existing and potential investors), where necessary
- Develop and monitor robust tax-related processes and procedures necessary to support each fund as the platform expands
- Carried Interest Tax Role
- Assist with the coordination and review of US tax compliance work relating to carry, GP issues and employee investments, which is prepared by external providers
- Answer investor and GP Carry participant queries related to the taxation of covered products
- Calculating and/or reviewing tax distributions, tax clawbacks, tax waterfalls, and other tax amounts relevant to GP and carry across all Private Markets tax funds
- Analysing carry arrangements in Private Markets funds across all asset classes
- Private Markets Tax Team Work
- Work within the Private Markets Tax Team to increase efficiencies and establish best practices and ensure that tax policies are adhered to and applied consistently across various products
- Assisting with significant Private Markets Tax projects, guidelines and policies across various business groups
- Monitor key tax legislative developments that are of relevance to Private Markets and the supported businesses, and keep stakeholders updated on these developments
Skills and Experience - Required
- Bachelor's Degree in Accounting or related field (CPA preferred)
- 5+ years of tax accounting experience in the investment management industry with emphasis on alternative products, with 7+ years of experience preferred
- Previous experience with an asset manager or Big 4 accounting firm
- Proficient in the taxation of investment partnerships and carried interest, including calculation of tax waterfalls and tax allocations
- Proficient in taxation of blocker corporations
- In depth knowledge of US tax compliance
- Prior infrastructure tax experience is not required, but is a plus
Aptitudes
This is a high exposure role, involving much direct contact with senior Private Markets employees. It will require coordination across many distinct product lines and 11 Big 4 tax compliance teams to execute upon tight deadlines to senior stakeholders at BlackRock. Accordingly, it is important that the role holder:
- A highly organized individual who is able to communicate complex tax issues clearly and concisely, in a manner targeted at a wide range of different audiences
- has the interpersonal skills to work effectively within a large in-house tax team and with cross-border teams and multidisciplinary business and project teams
For New York City only: The salary range for this position is $137,500 - $194,000. Additionally, employees are eligible for an annual discretionary bonus, and benefits including health care, leave benefits, and retirement benefits.
Our benefits
To 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 model
BlackRock'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.
BlackRock is proud to be an Equal Opportunity and Affirmative Action Employer.
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