{
  "crd_number": 149612,
  "slug": "two-fish-management-carmel-in-149612",
  "primary_business_name": "TWO FISH MANAGEMENT",
  "legal_name": "TWO FISH MANAGEMENT, LLC",
  "dbas": [],
  "city": "Carmel",
  "state": "IN",
  "country": "United States",
  "cbsa_code": "26900",
  "metro": {
    "cbsa_code": "26900",
    "common_name": "Indianapolis",
    "msa_name": "Indianapolis-Carmel-Greenwood, IN",
    "path": "/advisors/in/indianapolis"
  },
  "registration_type": "state",
  "registration_status": "APPROVED",
  "registration_date": "2018-12-18",
  "years_registered": 7,
  "period": "2026-10-01",
  "filing_date": "2026-03-23",
  "carried_forward": false,
  "raum_total": 20000000.0,
  "raum_discretionary": 20000000.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "under_25m",
  "raum_band_label": "Under $25 million",
  "total_employees": 1,
  "advisory_employees": 1,
  "client_count_bucket": null,
  "clients_by_type": {
    "high_net_worth_individuals": {
      "raum": 17000000.0,
      "count": 10
    },
    "pooled_investment_vehicles": {
      "raum": 3000000.0,
      "count": 1
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "other",
    "portfolio_management_individuals",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 2,
  "states_registered": [
    "IL",
    "IN"
  ],
  "websites": [
    "https://twitter.com/twofishmgmt",
    "https://twofishmgmt.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/149612",
  "disclosure_items": [
    {
      "item": "11.D(2)",
      "question": "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?"
    },
    {
      "item": "11.D(4)",
      "question": "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?"
    }
  ],
  "city_as_filed": "CARMEL",
  "url": "https://advisorcensus.com/firm/two-fish-management-carmel-in-149612",
  "display_name": "Two Fish Management",
  "summary": "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.",
  "citation": "AdvisorCensus. Two Fish Management (CRD 149612): Form ADV filing data as of October 2026.",
  "registration_type_label": "State-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Two Fish Management compensated?",
      "a": "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."
    },
    {
      "q": "Where is Two Fish Management located?",
      "a": "Two Fish Management's principal office is in Carmel, IN, according to its Form ADV."
    },
    {
      "q": "Is Two Fish Management registered with the SEC or a state?",
      "a": "Two Fish Management is a state-registered investment advisory firm, registered since 2018. Status as filed: APPROVED. CRD 149612."
    },
    {
      "q": "How much does Two Fish Management manage?",
      "a": "Two Fish Management reports $20,000,000 in regulatory assets under management in its Form ADV filing dated March 23, 2026 (100% discretionary)."
    },
    {
      "q": "What types of clients does Two Fish Management serve?",
      "a": "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)."
    },
    {
      "q": "Does Two Fish Management report any disciplinary disclosures?",
      "a": "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"
    }
  ],
  "filing_history": [],
  "recent_changes": [],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/two-fish-management-carmel-in-149612.md",
  "clients": [
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 10,
      "fewer_than_5": false,
      "raum": 17000000.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 1,
      "fewer_than_5": false,
      "raum": 3000000.0
    }
  ],
  "disclosure_line": "Reports 2 disclosure items on Form ADV Item 11.",
  "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/149612",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}