Advisory Services
4.A. Advisory Firm Description
Twin Securities, Inc. (“Twin” or “Adviser”) is an investment adviser established in 1988 by
David J. Simon, who is the principal owner of the firm. Twin's principal place of business is
located at 250 W. 55th Street, 16th Floor, New York, NY, 10019.
4.B. Types of Advisory Services
Twin provides investment advisory and management services as a discretionary investment
adviser to separately managed client accounts ("SMCs") and privately offered pooled
investment vehicles (“Private Funds,” and together with the SMCs, "Clients") organized as
domestic limited partnerships or limited liability companies, or as foreign companies
intended for sophisticated investors and institutional investors.
Each of the Private Funds is overseen by either a General Partner or Board of Directors,
depending upon each fund’s structure and organization. Twin provides investment advice
to the following Private Funds:
• Twin Master Fund, LTD. (the “Master Fund”), a Cayman Islands exempted company;
• Twin Securities, LP (the “Domestic Fund”), a Delaware limited partnership that
invests substantially all of its assets in the Master Fund;
• Twin Offshore, LTD. (the “Offshore Fund”), a Cayman Islands exempted company that
invests substantially all of its assets in the Master Fund; and
• Twin Opportunities Fund, LP (the “Opportunities Fund”), a Delaware limited
partnership.
Shares or limited partnership interests in the Funds are not registered under the U.S.
Securities Act of 1933, as amended; nor are the Funds registered under the Investment
Company Act of 1940, as amended. Accordingly, interests or shares
in the Funds are offered
and sold exclusively to investors satisfying the applicable eligibility and suitability
requirements, either in private transactions within the U.S. or in offshore transactions.
Persons reviewing this Brochure should not construe this as an offer to sell or solicitation of an
offer to buy the securities of any of the Funds described herein. Any such offer or solicitation will
be made only by means of a confidential private placement memorandum.
4.C. Client Investment Objectives/Restrictions
Investments for SMCs are managed in accordance with each Client’s stated investment
objectives, strategies, restrictions and guidelines.
Investments for Private Funds are managed in accordance with each Fund’s investment
objective, strategies and restrictions. They are not tailored to the individualized needs of
any particular investor in the Fund (each an “Investor”). Investors may not impose
restrictions on investing in certain securities or certain types of securities. Twin’s primary
focus is investing in equity and debt securities using specific event-driven strategies;
however, the Opportunities Fund’s strategy allows for higher concentration and increased
leverage than Twin’s other Client accounts.
Individual investor returns may vary to some extent based upon a number of factors,
including the specific strategy selected, tax status, and timing of actual or anticipated capital
additions or withdrawals, among others.
4.D. Wrap-Fee Programs
Twin does not participate in, nor is it a sponsor of, any wrap fee programs.
4.E. Regulatory Assets Under Management as of 12/31/2023:
Discretionary basis: $224,331,788
Non-Discretionary basis: $0