K2/D&S Management Co., L.L.C.
- Regulatory AUM
- $6.5B
- Discretionary
- $6.5B
- Clients
- 72
- Avg AUM / client
- $90.8M
- Accounts
- 72
- Employees
- 30
AUM over time
Annual snapshots from Form ADV filings · as of Apr 20, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 1 | $533M | 8.15% |
| Pooled investment vehicles (non-investment companies) | 50 | $3.6B | 55.2% |
| Pension and profit sharing plans | 18 | $2.2B | 33.8% |
| Charitable organizations | 1 | $32.1M | 0.49% |
| State or municipal government entities | 1 | $2.1M | 0.03% |
| Corporations and other businesses | 1 | $151M | 2.31% |
Private funds (34)
View all →Reported in Form ADV Section 7.B.(1), filing of Dec 2024 · $6.1B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| K2 Psc Liquid Master Fund Ltd master | Hedge Fund | Cayman Islands | $1.4B | 1 |
| K2 Epfc Relative Value Credit Strategy Master Fund Ltd master | Hedge Fund | Cayman Islands | $633M | 1 |
| K2 One River Liquid Response Master Fund Ltd master | Hedge Fund | Cayman Islands | $609M | 1 |
| K2 Actusraypartners European Master Fund Ltd master | Hedge Fund | Cayman Islands | $573M | 1 |
| K2 Logica Tail Risk Master Fund Ltd master | Hedge Fund | Cayman Islands | $496M | 1 |
| K2 Apollo Liquid Credit Master Fund Ltd. master | Hedge Fund | Cayman Islands | $359M | 1 |
| K2 Lazard Liquid Convertibles Plus Master Fund Ltd master | Hedge Fund | Cayman Islands | $274M | 1 |
| K2 Custom Solutions Hospital Sisters Fund, Ltd. | Hedge Fund | Cayman Islands | $247M | 2 |
| K2 Master Fund Ltd. master | Hedge Fund | Cayman Islands | $230M | 1 |
| K2 Electron Liquid Global Master Fund Ltd. master | Hedge Fund | Cayman Islands | $180M | 1 |
| K2 Ellington Liquid Credit Master Fund Ltd master | Hedge Fund | Cayman Islands | $165M | 1 |
| K2 Gcm Liquid Quant Macro 1.3 X Master Fund Ltd master | Hedge Fund | Cayman Islands | $127M | 1 |
| K2 Gtc Environmental Opportunities Master Fund Ltd master | Hedge Fund | Cayman Islands | $125M | 1 |
| K2 Holdings Investment Corporation | Hedge Fund | Cayman Islands | $125M | 1 |
| K2 Gcm Liquid Quant Macro Master Fund Ltd master | Hedge Fund | Cayman Islands | $107M | 1 |
People (2)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Kandiew, Andrew | Chief Operating Officer | Jan 2024 (3y) | Less than 5% | |
| Ostlund, Robin, Mangiulli | Chief Compliance Officer | Apr 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| K2 Advisors Holdings, Llc | 100% Owner | May 2013 | A | 75% or more |
| K2 Advisors Holdings, Llc | 100% Owner | Apr 2007 | B | 75% or more of K2 Advisors Subsidiary Holdings, Llc (indirect) |
| Franklin Templeton Institutional, Llc | 100% Owner | Nov 2012 | B | ≈ 56.25% – 100% via K2 Advisors Holdings, Llc |
| Franklin Resources, Inc. | Parent Organization: 100% | Oct 2012 | B | ≈ 42.19% – 100% via Franklin Templeton Institutional, Llc |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Franklin Templeton Institutional, Llc: 75% – 100% of K2 Advisors Holdings, Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Franklin Resources, Inc.: 75% – 100% of Franklin Templeton Institutional, Llc × 75% – 100% of K2 Advisors Holdings, Llc × 75% – 100% direct ≈ 42.19% – 100% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (34, $6.1B gross assets)
Top 25 of 34 funds by gross assets · all funds
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 04/20/2026 | 11 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Selection of other advisers
- • Other services
Custody
Reported custodians
- The Master Trust Bank Of Japan, Ltd $1.7B (26% of AUM) Apr 2026
- BNY Mellon $1.4B (13% of AUM) Nov 2021
- J.P. Morgan $425M (4% of AUM) Nov 2019
- Japan Trustee Services Bank, Ltd. $152M (1% of AUM) Nov 2019
- Trust And Custody Services Bank Ltd $118M (1% of AUM) Nov 2019
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Apr 20, 2026.
View current Form ADV (SEC/IAPD) ↗