# HBK Capital Management

> HBK Capital Management is an SEC-registered investment advisory firm in Dallas, TX, registered since 2009, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 30, 2026.

- CRD: 115079
- Filed as: HBK CAPITAL MANAGEMENT
- Legal name: HBK Investments L.P.
- Also doing business as: HBK CAPITAL MANAGEMENT, HBK EUROPE MANAGEMENT LLP, HBK NEW YORK LLC, HBK SERVICES LLC, HBK VIRGINIA LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Dallas, TX
- Filing period: October 2026
- Form ADV filing dated: June 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/115079
- AdvisorCensus page: https://advisorcensus.com/firm/hbk-capital-management-dallas-tx-115079

## Quick answers

**How is HBK Capital Management compensated?**
On its Form ADV (Item 5.E, October 2026), HBK Capital Management reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is HBK Capital Management located?**
HBK Capital Management's principal office is in Dallas, TX, according to its Form ADV; the July 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is HBK Capital Management registered with the SEC or a state?**
HBK Capital Management is an SEC-registered investment advisory firm, registered since 2009. Status as filed: Approved. CRD 115079.

**How much does HBK Capital Management manage?**
HBK Capital Management reports $35,613,522,000 in regulatory assets under management in its Form ADV filing dated June 30, 2026 (100% discretionary).

**How have HBK Capital Management's assets and staff changed since 2021?**
In the Form ADV data for HBK Capital Management: Regulatory assets under management: $19,773,609,000 in the October 2021 data and $35,613,522,000 in the October 2026 data, up 80%. Total employees: 170 in October 2021 and 198 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does HBK Capital Management serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (7).

**Which custodians does HBK Capital Management use?**
HBK Capital Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists J.P. Morgan Securities LLC as a custodian holding 10% or more of its separately managed account assets.

**Does HBK Capital Management report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/115079

**What changed in HBK Capital Management's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 59 to 61. Regulatory assets under management went from $28,454,381,000 to $35,613,522,000 (+25%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- J.P. Morgan Securities LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $35,613,522,000
- Discretionary: $35,613,522,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 7 | $33,770,705,000 |
| Other investment advisers | Fewer than 5 | $1,425,627,000 |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | $417,190,000 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2009 (16 years)
- Employees: 198 total, 61 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: DE, TX, VA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Charlottesville, VA
- London
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- hbk.com
- LinkedIn @HBK-CAPITAL-MANAGEMENT

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $19,773,609,000 | 170 | August 26, 2021 |
| October 2022 | $33,663,966,000 | 168 | April 1, 2022 |
| October 2023 | $28,457,389,000 | 174 | June 21, 2023 |
| October 2024 | $20,308,069,000 | 193 | June 14, 2024 |
| October 2025 | $28,454,381,000 | 205 | July 2, 2025 |
| October 2026 | $35,613,522,000 | 198 | June 30, 2026 |

Regulatory assets under management: $19,773,609,000 in the October 2021 data and $35,613,522,000 in the October 2026 data, up 80%.
Total employees: 170 in October 2021 and 198 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 59 to 61.
- Regulatory assets under management went from $28,454,381,000 to $35,613,522,000 (+25%).

### December 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. HBK Capital Management (CRD 115079): Form ADV filing data as of October 2026.