# Twin Tree Management, LP

> 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.

- CRD: 149548
- Filed as: TWIN TREE MANAGEMENT, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Dallas, TX
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/149548
- AdvisorCensus page: https://advisorcensus.com/firm/twin-tree-management-lp-dallas-tx-149548

## Quick answers

**How is Twin Tree Management, LP compensated?**
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.

**Where is Twin Tree Management, LP located?**
Twin Tree Management, LP's principal office is in Dallas, TX, according to its Form ADV.

**Is Twin Tree Management, LP registered with the SEC or a state?**
Twin Tree Management, LP is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 149548.

**How much does Twin Tree Management, LP manage?**
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).

**How have Twin Tree Management, LP's assets and staff changed since 2021?**
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.

**What types of clients does Twin Tree Management, LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3).

**Does Twin Tree Management, LP 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/149548

**Does Twin Tree Management, LP state an account minimum?**
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)."

**What changed in Twin Tree Management, LP's recent Form ADV filings?**
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).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> 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).

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $1,459,446,923
- Discretionary: $1,459,446,923
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $1,459,446,923 |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 8 total, 5 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,824,377,543 | 7 | March 23, 2021 |
| October 2022 | $6,166,919,714 | 8 | March 22, 2022 |
| October 2023 | $5,773,131,701 | 8 | March 30, 2023 |
| October 2024 | $8,633,164,520 | 11 | September 18, 2024 |
| October 2025 | $7,393,800,899 | 14 | March 31, 2025 |
| October 2026 | $1,459,446,923 | 8 | March 31, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- 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).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Twin Tree Management, LP (CRD 149548): Form ADV filing data as of October 2026.