This CSS approach would work in some browsers:
optgroup[label="Portfolios"] option:first-child {
display:none;
}
As @canon points out, display:none
won't work in all browsers though.
If you want to remove it with jQuery, use:
$('optgroup[label="Portfolios"] option:first-child').remove();
Alternatively, if you want a pure JS approach:
var el = document.querySelector('optgroup[label="Portfolios"]');
el.removeChild(el.getElementsByTagName('option')[0]);