# Two Fish Management

> 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.

- CRD: 149612
- Filed as: TWO FISH MANAGEMENT
- Legal name: Two Fish Management, LLC
- Registration: State-registered investment adviser (status as filed: APPROVED)
- Location: Carmel, IN
- Filing period: October 2026
- Form ADV filing dated: March 23, 2026
- Public record (IAPD): https://adviserinfo.sec.gov/firm/summary/149612
- AdvisorCensus page: https://advisorcensus.com/firm/two-fish-management-carmel-in-149612

## Quick answers

**How 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

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

### Regulatory assets under management (Item 5.F)
- Total: $20,000,000
- Discretionary: $20,000,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 10 | $17,000,000 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $3,000,000 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Other

### Firm details
- Registered since: 2018 (7 years)
- Employees: 1 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL, IN
- Disclosures (Item 11): Reports 2 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 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. The detail of each yes answer is on the firm's public record on IAPD: https://adviserinfo.sec.gov/firm/summary/149612

### Websites listed on Form ADV (Item 1.I)
- twofishmgmt.com
- X @twofishmgmt

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Two Fish Management (CRD 149612): Form ADV filing data as of October 2026.