Two Fish Management, Llc
- Regulatory AUM
- $20.0M
- Discretionary
- $20.0M
- Clients
- 11
- Avg AUM / client
- $1.8M
- Accounts
- 11
- Employees
- 1
AUM over time
Reported AUM from Form ADV filings, plotted by filing date · as of Mar 23, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| High net worth individuals | 10 | $17.0M | 85.0% |
| Pooled investment vehicles (non-investment companies) | 1 | $3.0M | 15.0% |
Private funds (1)
Reported in Form ADV Section 7.B.(1), filing of Dec 2018 · $2.4M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Two Fish Partners, Lp | Hedge Fund | Delaware | $2.4M | 15 |
People (5)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Michael Patrick Morris | Manager And Cco | CFA | Jan 2008 (19y) | 25% – 50% |
| Sauder, John, D | Member | Jan 2008 (19y) | GP / trustee / elected manager of Two Fish Management, Llc (indirect) | |
| Sauder, John, Robert | Member | Jan 2008 (19y) | 25% – 50% | |
| Schwab, Jon, P | Member | Jan 2008 (19y) | GP / trustee / elected manager of Two Fish Management, Llc (indirect) | |
| Kessling, Michael, J | Indirect | Apr 2014 (12y) | GP / trustee / elected manager of Two Fish Management, Llc (indirect) |
Undisclosed: 0% – 50% of the firm is not attributable from the filed Schedule A bands.
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 (1, $2.4M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Two Fish Partners, Lp | Hedge Fund | $2.4M | $100K | 15 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/23/2026 | 1.32 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 individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Other services
Custody
Reported custodians
- Charles Schwab & Co. $19.0M (95% of AUM) Mar 2026
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: Mar 23, 2026.
View current Form ADV (SEC/IAPD) ↗