# Two Sigma Investments, LP

> Two Sigma Investments, LP is an SEC-registered investment advisory firm in New York, NY, registered since 2009, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 137137
- Filed as: TWO SIGMA INVESTMENTS, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/137137
- AdvisorCensus page: https://advisorcensus.com/firm/two-sigma-investments-lp-new-york-ny-137137

## Quick answers

**How is Two Sigma Investments, LP compensated?**
On its Form ADV (Item 5.E, October 2026), Two Sigma Investments, LP reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**What does Two Sigma Investments, LP's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: up to 4% of assets a year (the maximum the brochure states). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Two Sigma Investments, LP located?**
Two Sigma Investments, LP's principal office is in New York, NY, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Two Sigma Investments, LP registered with the SEC or a state?**
Two Sigma Investments, LP is an SEC-registered investment advisory firm, registered since 2009. Status as filed: Approved. CRD 137137.

**How much does Two Sigma Investments, LP manage?**
Two Sigma Investments, LP reports $232,818,912,899 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Two Sigma Investments, LP's assets and staff changed since 2021?**
In the Form ADV data for Two Sigma Investments, LP: Regulatory assets under management: $68,902,797,801 in the October 2021 data and $232,818,912,899 in the October 2026 data, up 238%. Total employees: 1,396 in October 2021 and 1,555 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Two Sigma Investments, LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (39); investment companies (1); sovereign wealth funds and foreign official institutions (1).

**Which custodians does Two Sigma Investments, LP use?**
Two Sigma Investments, LP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Morgan Stanley & Co. International PLC as a custodian holding 10% or more of its separately managed account assets.

**Does Two Sigma Investments, LP report any disciplinary disclosures?**
Reports 4 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order), and 11.E(2) (self-regulatory organization's finding of a rule violation). 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 SEC record: https://adviserinfo.sec.gov/firm/summary/137137

**What changed in Two Sigma Investments, LP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 749 to 784. Regulatory assets under management went from $110,281,140,166 to $232,818,912,899 (+111%). 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)

- Asset-based fee: up to 4% of assets a year (the maximum the brochure states)

> Currently, such fees have annualized rates of up to 4%, as described in each such Client’s Applicable Governing Documents

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

### Custodians (Schedule D, Section 5.K(3))
- Morgan Stanley & Co. International PLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $232,818,912,899
- Discretionary: $232,818,912,899
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 1 | $1,015,709,466 |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 39 | $229,370,044,181 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 1 | $228,518,784 |
| Corporations or other businesses not listed above | 1 | $2,204,640,468 |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2009 (17 years)
- Employees: 1,555 total, 784 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL, NY
- Disclosures (Item 11): Reports 4 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 11.E(2): Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?

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 SEC record: https://adviserinfo.sec.gov/firm/summary/137137

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- New York, NY
- Palm Beach Gardens, FL

### Websites listed on Form ADV (Item 1.I)
- beakerx.com
- github.com/twosigma
- twosigma.cn
- twosigma.com
- Facebook @twosigmainvestments
- Instagram @twosigma
- LinkedIn @two-sigma-investments
- X @beakerxnotebook
- X @twosigma
- X @twosigmacareers
- YouTube @twosigma4874

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $68,902,797,801 | 1,396 | September 27, 2021 |
| October 2022 | $81,175,371,804 | 1,454 | March 31, 2022 |
| October 2023 | $70,802,799,201 | 1,965 | July 14, 2023 |
| October 2024 | $83,955,729,097 | 1,954 | August 7, 2024 |
| October 2025 | $110,281,140,166 | 1,575 | July 25, 2025 |
| October 2026 | $232,818,912,899 | 1,555 | March 31, 2026 |

Regulatory assets under management: $68,902,797,801 in the October 2021 data and $232,818,912,899 in the October 2026 data, up 238%.
Total employees: 1,396 in October 2021 and 1,555 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 749 to 784.
- Regulatory assets under management went from $110,281,140,166 to $232,818,912,899 (+111%).
- Updated its list of owners and control persons (Schedule A).

### February 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Two Sigma Investments, LP (CRD 137137): Form ADV filing data as of October 2026.