# Kirkoswald Capital Management Limited

> Kirkoswald Capital Management Limited is an SEC-registered investment advisory firm in London, United Kingdom, registered since 2006, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated April 30, 2026.

- CRD: 139217
- Filed as: KIRKOSWALD CAPITAL MANAGEMENT LIMITED
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: London, United Kingdom
- Filing period: October 2026
- Form ADV filing dated: April 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/139217
- AdvisorCensus page: https://advisorcensus.com/firm/kirkoswald-capital-management-limited-london-139217

## Quick answers

**How is Kirkoswald Capital Management Limited compensated?**
On its Form ADV (Item 5.E, October 2026), Kirkoswald Capital Management Limited reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Kirkoswald Capital Management Limited located?**
Kirkoswald Capital Management Limited's principal office is in London, United Kingdom, according to its Form ADV.

**Is Kirkoswald Capital Management Limited registered with the SEC or a state?**
Kirkoswald Capital Management Limited is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 139217.

**How much does Kirkoswald Capital Management Limited manage?**
Kirkoswald Capital Management Limited reports $5,014,283,127 in regulatory assets under management in its Form ADV filing dated April 30, 2026 (99% discretionary).

**How have Kirkoswald Capital Management Limited's assets and staff changed since 2021?**
In the Form ADV data for Kirkoswald Capital Management Limited: Regulatory assets under management: $7,470,476,091 in the October 2021 data and $5,014,283,127 in the October 2026 data, down 33%. Total employees: 83 in October 2021 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Kirkoswald Capital Management Limited serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (17).

**Does Kirkoswald Capital Management Limited 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/139217

**What changed in Kirkoswald Capital Management Limited's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $4,423,965,689 to $5,014,283,127 (+13%).

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $5,014,283,127
- Discretionary: $4,966,664,888
- Non-discretionary: $47,618,239

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 17 | $5,014,283,127 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2006 (20 years)
- Employees: 10 total, 7 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- kirkoswald.com
- LinkedIn @kirkoswaldcapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $7,470,476,091 | 83 | March 31, 2021 |
| October 2022 | $6,894,978,109 | 72 | March 31, 2022 |
| October 2023 | $5,690,385,380 | 77 | April 26, 2023 |
| October 2024 | $4,527,056,647 | 56 | September 5, 2024 |
| October 2025 | $4,423,965,689 | 52 | March 31, 2025 |
| October 2026 | $5,014,283,127 | 10 | April 30, 2026 |

Regulatory assets under management: $7,470,476,091 in the October 2021 data and $5,014,283,127 in the October 2026 data, down 33%.
Total employees: 83 in October 2021 and 10 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $4,423,965,689 to $5,014,283,127 (+13%).

### December 2025
- Changed its legal name from Emso Asset Management Limited to Kirkoswald Capital Management Limited.
- Employees performing advisory functions went from 11 to 7.
- No longer lists an office in Greenwich, CT.
- No longer lists an office in Miami, FL.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Kirkoswald Capital Management Limited (CRD 139217): Form ADV filing data as of October 2026.