{ "crd_number": 149548, "slug": "twin-tree-management-lp-dallas-tx-149548", "primary_business_name": "TWIN TREE MANAGEMENT, LP", "legal_name": "TWIN TREE MANAGEMENT, LP", "dbas": [], "city": "Dallas", "state": "TX", "country": "United States", "cbsa_code": "19100", "metro": { "cbsa_code": "19100", "common_name": "Dallas", "msa_name": "Dallas-Fort Worth-Arlington, TX", "path": "/advisors/tx/dallas" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2012-03-02", "years_registered": 14, "period": "2026-10-01", "filing_date": "2026-03-31", "carried_forward": false, "raum_total": 1459446923.0, "raum_discretionary": 1459446923.0, "raum_non_discretionary": 0.0, "raum_band": "1b_5b", "raum_band_label": "$1 billion to $5 billion", "total_employees": 8, "advisory_employees": 5, "client_count_bucket": null, "clients_by_type": { "pooled_investment_vehicles": { "raum": 1459446923.0, "count": 3 } }, "compensation_types": [ "percentage_of_aum", "performance_based" ], "advisory_activities": [ "portfolio_management_pooled_vehicles" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "TX" ], "websites": [], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/149548", "city_as_filed": "DALLAS", "url": "https://advisorcensus.com/firm/twin-tree-management-lp-dallas-tx-149548", "display_name": "Twin Tree Management, LP", "summary": "Twin Tree Management, LP is an SEC-registered investment advisory firm in Dallas, TX, registered since 2012, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.", "citation": "AdvisorCensus. Twin Tree Management, LP (CRD 149548): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management", "Performance-based fees" ], "advisory_activity_labels": [ "Portfolio management for pooled investment vehicles (other than investment companies)" ], "quick_answers": [ { "q": "How is Twin Tree Management, LP compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Twin Tree Management, LP reports these compensation arrangements: a percentage of assets under its management; performance-based fees." }, { "q": "Where is Twin Tree Management, LP located?", "a": "Twin Tree Management, LP's principal office is in Dallas, TX, according to its Form ADV." }, { "q": "Is Twin Tree Management, LP registered with the SEC or a state?", "a": "Twin Tree Management, LP is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 149548." }, { "q": "How much does Twin Tree Management, LP manage?", "a": "Twin Tree Management, LP reports $1,459,446,923 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary)." }, { "q": "How have Twin Tree Management, LP's assets and staff changed since 2021?", "a": "In the Form ADV data for Twin Tree Management, LP: Regulatory assets under management: $3,824,377,543 in the October 2021 data and $1,459,446,923 in the October 2026 data, down 62%. Total employees: 7 in October 2021 and 8 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does Twin Tree Management, LP serve?", "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3)." }, { "q": "Does Twin Tree Management, LP report any disciplinary disclosures?", "a": "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/149548" }, { "q": "Does Twin Tree Management, LP state an account minimum?", "a": "Its Form ADV Part 2A brochure dated March 31, 2026 says: \"The minimum initial capital contribution required for an investor in the Funds is $1,000,000, although capital contributions of lesser amounts may be accepted in our discretion (subject to applicable regulatory requirements).\"" }, { "q": "What changed in Twin Tree Management, LP's recent Form ADV filings?", "a": "In the April 2026 filing data: Employees performing advisory functions went from 10 to 5. Regulatory assets under management went from $7,393,800,899 to $1,459,446,923 (-80%). Updated its list of owners and control persons (Schedule A)." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 3824377543.0, "total_employees": 7, "filing_date": "2021-03-23" }, { "period": "2022-10-01", "regulatory_assets_under_management": 6166919714.0, "total_employees": 8, "filing_date": "2022-03-22" }, { "period": "2023-10-01", "regulatory_assets_under_management": 5773131701.0, "total_employees": 8, "filing_date": "2023-03-30" }, { "period": "2024-10-01", "regulatory_assets_under_management": 8633164520.0, "total_employees": 11, "filing_date": "2024-09-18" }, { "period": "2025-10-01", "regulatory_assets_under_management": 7393800899.0, "total_employees": 14, "filing_date": "2025-03-31" }, { "period": "2026-10-01", "regulatory_assets_under_management": 1459446923.0, "total_employees": 8, "filing_date": "2026-03-31" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Employees performing advisory functions went from 10 to 5.", "Regulatory assets under management went from $7,393,800,899 to $1,459,446,923 (-80%).", "Updated its list of owners and control persons (Schedule A)." ] } ], "fees_from_brochure": { "source": "Form ADV Part 2A brochure dated March 31, 2026", "tiers": [], "flat_rate": null, "stated_range": null, "stated_maximum": null, "account_minimum": "$1,000,000", "account_minimum_may_be_waived": true, "minimum_annual_fee": null, "figures": [ { "label": "Account minimum", "statements": [ "Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)" ], "quotes": [ "The minimum initial capital contribution required for an investor in the Funds is $1,000,000, although capital contributions of lesser amounts may be accepted in our discretion (subject to applicable regulatory requirements)." ] } ], "quotes": [ "The minimum initial capital contribution required for an investor in the Funds is $1,000,000, although capital contributions of lesser amounts may be accepted in our discretion (subject to applicable regulatory requirements)." ], "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable." }, "custodians": [], "custodians_note": null, "markdown_url": "https://advisorcensus.com/firm/twin-tree-management-lp-dallas-tx-149548.md", "clients": [ { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 3, "fewer_than_5": false, "raum": 1459446923.0 } ], "disclosure_line": "Reports no disclosure items on Form ADV Item 11.", "disclosure_items": [], "indexable": true, "suppressed": false, "claimed": false, "enhanced": false, "provided_by_the_firm": null, "source": { "name": "Form ADV", "as_of": "2026-10-01", "iapd_url": "https://adviserinfo.sec.gov/firm/summary/149548", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }