# K2/D&S Management Co., L.L.C.

> K2/D&S Management Co., L.L.C. is an SEC-registered investment advisory firm in Stamford, CT, registered since 2003, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 16, 2026.

- CRD: 123826
- Filed as: K2/D&S MANAGEMENT CO., L.L.C.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Stamford, CT
- Filing period: October 2026
- Form ADV filing dated: September 16, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/123826
- AdvisorCensus page: https://advisorcensus.com/firm/k2-d-and-s-management-co-l-l-c-stamford-ct-123826

## Quick answers

**How is K2/D&S Management Co., L.L.C. compensated?**
On its Form ADV (Item 5.E, October 2026), K2/D&S Management Co., L.L.C. reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is K2/D&S Management Co., L.L.C. located?**
K2/D&S Management Co., L.L.C.'s principal office is in Stamford, CT, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is K2/D&S Management Co., L.L.C. registered with the SEC or a state?**
K2/D&S Management Co., L.L.C. is an SEC-registered investment advisory firm, registered since 2003. Status as filed: Approved. CRD 123826.

**How much does K2/D&S Management Co., L.L.C. manage?**
K2/D&S Management Co., L.L.C. reports $6,534,834,785 in regulatory assets under management in its Form ADV filing dated September 16, 2026 (100% discretionary).

**How have K2/D&S Management Co., L.L.C.'s assets and staff changed since 2021?**
In the Form ADV data for K2/D&S Management Co., L.L.C.: Regulatory assets under management: $11,080,904,715 in the October 2021 data and $6,534,834,785 in the October 2026 data, down 41%. Total employees: 65 in October 2021 and 30 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does K2/D&S Management Co., L.L.C. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (50); pension and profit sharing plans (but not the plan participants or government pension plans) (18); investment companies (1).

**Which custodians does K2/D&S Management Co., L.L.C. use?**
K2/D&S Management Co., L.L.C.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists The Master Trust Bank of Japan, Ltd as a custodian holding 10% or more of its separately managed account assets.

**Does K2/D&S Management Co., L.L.C. 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/123826

**What changed in K2/D&S Management Co., L.L.C.'s recent Form ADV filings?**
In the September 2026 filing data: Updated its list of owners and control persons (Schedule A).

## 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))
- The Master Trust Bank of Japan, Ltd

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: $6,534,834,785
- Discretionary: $6,534,834,785
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 1 | $532,578,421 |
| Pooled investment vehicles (other than investment companies and business development companies) | 50 | $3,608,867,561 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 18 | $2,208,542,685 |
| Charitable organizations | 1 | $32,063,155 |
| State or municipal government entities (including government pension plans) | 1 | $2,104,326 |
| Corporations or other businesses not listed above | 1 | $150,678,637 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 2003 (23 years)
- Employees: 30 total, 10 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

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

### Websites listed on Form ADV (Item 1.I)
- k2advisors.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $11,080,904,715 | 65 | August 10, 2021 |
| October 2022 | $12,292,366,987 | 60 | December 22, 2021 |
| October 2023 | $10,423,407,311 | 60 | August 29, 2023 |
| October 2024 | $9,521,833,367 | 55 | August 27, 2024 |
| October 2025 | $9,436,934,450 | 38 | July 29, 2025 |
| October 2026 | $6,534,834,785 | 30 | September 16, 2026 |

Regulatory assets under management: $11,080,904,715 in the October 2021 data and $6,534,834,785 in the October 2026 data, down 41%.
Total employees: 65 in October 2021 and 30 in October 2026.

## Changes in the filing (last 12 months)

### September 2026
- Updated its list of owners and control persons (Schedule A).

### January 2026
- Employees performing advisory functions went from 15 to 10.
- Regulatory assets under management went from $9,436,934,450 to $6,534,834,785 (-31%).

### November 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. K2/D&S Management Co., L.L.C. (CRD 123826): Form ADV filing data as of October 2026.