Two Fish Management
Updated today
Data sourced from SEC public records (and other sources when available). Refreshed weekly • Updated today.
Total assets under management
$20,000,000
This total excludes 1 entity clients. Entities are clients such as corporations, partnerships, or trusts.
Total clients
10
100% high-net worth
Total advisors
1
of 1 employees
Firm size
Independent
1 advisor
Average clients per advisor
10
Average account size
$2,000,000
About
Two Fish Management is a small independent registered investment adviser that works primarily with high-net-worth and accredited investors, as well as institutions and other financial advisors. The firm provides discretionary portfolio management through separately managed accounts and by sponsoring an affiliated private investment partnership structured and operated as a long/short holding company; it does not provide financial planning services.
The firm’s investment process combines point-and-figure charting, fundamental and technical analysis to implement strategies described as HOLDCO, Put Income, Core Equity and Income Builder, with portfolio construction tailored to each client’s risk tolerance, tax situation and liquidity needs. Two Fish routinely uses options (including writing puts and covered calls), short sales and margin, and it adjusts equity exposure and hedges (for example by selling index call options) as part of active risk management.
What is uncommon for a solo independent adviser is that, despite a single-advisor structure and a limited client base (roughly ten clients and about $20 million in assets), Two Fish both sponsors a pooled private fund and manages pooled vehicle interests, offers performance-based fee arrangements for qualified investors, and allows borrowing and derivatives use in separately managed accounts. Those features create potential conflicts of interest — notably because the firm is the fund’s general partner and can earn incentive compensation — which Two Fish says it addresses through block trading practices and a formal Code of Ethics.
Client services
Portfolio management
Provides sub-advisory services
Expertise
Active portfolio management
Options & derivatives strategies
Concentrated stock management
Occupation focus
Executive
Founder/Business Owner
Fee options
May charge flat fees or waive fees or minimums at discretion based on criteria and negotiations.
$0 - $500,000: 1.50% $500,001 - $1,000,000: 1.50% $1,000,001 - $2,500,000: 1.00% $2,500,001 - $5,000,000: 0.75% $5,000,001 - $10,000,000: 0.50% $10,000,001+: 0.35%
20% incentive fee on assets in Two Fish Partners, L.P. private investment fund after 8% annual hurdle rate and subject to high water mark.
Account minimum: $100,000 Minimum fee: Minimum fee level of 1.00% for client assets managed outside the Fund Fee-only: Investment management fees negotiable; baseline tiered fee schedule as above; fees charged monthly in arrears; may charge flat fees or waive minimums at discretion.
Main office location
Two Fish Management
Zionsville IN, United States
Number of offices
1
Most active in
Two Fish Management has reported serving >5 clients in these states in the last 12 months.
Illinois · Indiana
Disclosures
Firm disclosures are reported in Form ADV Part 1A, Item 11. They include criminal charges, regulatory actions, civil proceedings, and professional disciplinary events involving the firm or its advisory affiliates.
Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.
Business activities & affiliations
These affiliations may expand the services this firm offers and, in some cases, how they are compensated.
Is active or affiliated with:
Fund sponsor
They manage or sponsor investment funds and may earn management or performance-based fees if clients invest in them.
Is not active or affiliated with:
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Insurance agent
They sell insurance products and may earn commissions on those sales.
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Broker-dealer / trader
They provide brokerage services and may earn transaction-based compensation in addition to advisory fees.
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Bank
They're affiliated with a bank that may offer its own financial products and services.
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Trust company
They provide trust and estate administration services, typically for separate fees.
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Accountant / CPA / tax prep
They offer tax and accounting services, typically for separate fees.
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Lawyer
They provide legal services, typically billed separately.
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Real estate agent
They facilitate real estate transactions and may earn commissions.
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Other specialized services
They may provide services such as pension consulting or municipal advisory work, typically for separate fees.
Forms ADV
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