AdvisorCensus / Financial advisors / Indiana / Indianapolis / Two Fish Management
Two Fish Management
Filed as TWO FISH MANAGEMENT · Legal name Two Fish Management, LLC
Two Fish Management is a state-registered investment advisory firm in Carmel, IN, registered since 2018, reporting under $25 million in regulatory assets under management in its Form ADV filing dated March 23, 2026.
Quick answers
From the filingHow is Two Fish Management compensated?
On its Form ADV (Item 5.E, October 2026), Two Fish Management reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.
Where is Two Fish Management located?
Two Fish Management's principal office is in Carmel, IN, according to its Form ADV.
Is Two Fish Management registered with the SEC or a state?
Two Fish Management is a state-registered investment advisory firm, registered since 2018. Status as filed: APPROVED. CRD 149612.
How much does Two Fish Management manage?
Two Fish Management reports $20,000,000 in regulatory assets under management in its Form ADV filing dated March 23, 2026 (100% discretionary).
What types of clients does Two Fish Management serve?
By number of clients on Form ADV Item 5.D: high net worth individuals (10); pooled investment vehicles (other than investment companies and business development companies) (1).
Does Two Fish Management report any disciplinary disclosures?
Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation) and 11.D(4) (another regulator's order in the past ten years). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's public record on IAPD: https://adviserinfo.sec.gov/firm/summary/149612
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Regulatory assets under management
Item 5.F$20,000,000 as of October 2026, filing dated March 23, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Other
Registration and firm details
Items 1, 2, 5- Legal name
- Two Fish Management, LLC
- Registration
- State-registered investment adviser. Status as filed: APPROVED.
- Registered since
- 2018 (7 years)
- Employees
- Total: 1. Performing investment advisory functions: 1.
- Wrap fee program participation
- No.
- States registered or notice-filed
-
2 states or jurisdictions
State-registered investment advisers are examined by their state securities regulator. SEC, state, and exempt registration
Disclosures
Item 112 Reports 2 disclosure items on Form ADV Item 11. View on IAPD.
Questions answered yes on this filing
Regulatory matters Items 11.C to 11.G
- 11.D(2) Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4) In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures
Changes in the filing
Last 12 monthsNo changes to these filed facts in the last 12 months of filing data.
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Two Fish Management (CRD 149612): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/two-fish-management-carmel-in-149612