Overview
- Headquarters
- Boston, MA
- Average Client Assets
- $60.9 million
- Minimum Account Size
- $100,000,000
- SEC CRD Number
- 140522
Fee Structure
Primary Fee Schedule (TWINFOCUS FORM ADV PART 2A MARCH 31 2026)
| Min | Max | Marginal Fee Rate |
|---|---|---|
| $0 | $50,000,000 | 0.50% |
| $50,000,001 | $100,000,000 | 0.40% |
| $100,000,001 | and above | 0.25% |
Minimum Annual Fee: $100,000
Illustrative Fee Rates
| Total Assets | Annual Fees | Average Fee Rate |
|---|---|---|
| $1 million | Below minimum client size | |
| $5 million | Below minimum client size | |
| $10 million | Below minimum client size | |
| $50 million | Below minimum client size | |
| $100 million | $450,000 | 0.45% |
Clients
- HNW Share of Firm Assets
- 98.34%
- Total Client Accounts
- 77
- Discretionary Accounts
- 75
- Non-Discretionary Accounts
- 2
Services Offered
Services: Financial Planning, Portfolio Management for Individuals, Portfolio Management for Pooled Investment Vehicles, Portfolio Management for Institutional Clients, Investment Advisor Selection
Regulatory Filings
Additional Brochure: TWINFOCUS FORM ADV PART 2B APRIL 2026 (2026-04-30)
View Document Text
75 Park Plaza, Boston, MA 02116, US
Tel +1 617 720 4500
P A R T 2 B O F F O R M A D V
BR O CHU RE S UPP LEM ENT
April, 30 2026
BROCHURE SUPPLEMENT
P A R T 2 B O F F O R M A D V
Twin Focus Capital Partners, LLC
This Brochure supplement provides information about the financial professionals listed above that
supplements the TwinFocus Capital Partners, LLC (“TwinFocus”) Form ADV Part 2A, the Brochure.
Please contact John Pantekidis, Chief Compliance Officer if you did not receive the TwinFocus Brochure
or if you have any questions about the contents of this Supplement. Additional information about the
financial professionals listed above is available on the SEC’s website at www.adviserinfo.sec.gov.
www.twinfocus.com
| 617-720-4500
t w i n f o c u s . c o m
Part 2B of Form ADV
Brochure Supplement: April 30, 2026
Item 1: Cover Page
Page 1
Item 2: Educational Background and Business Experience of:
Wesley Karger, CFA® (Principal)
Paul Karger, CFA® (Principal)
John Pantekidis, JD, CFA® (Principal)
Laurence Grosbaum, CPA, CFA®
Jeffrey Heisler, PhD, CFA®
Professional Designation Descriptions
Item 3: Disciplinary Information
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 10
Item 4: Other Business Activities
Page 10
Item 5: Additional Compensation
Page 10
Item 6: Supervision
Page 10
2
Part 2B of Form ADV
Brochure Supplement: April 30, 2026
Wesley Karger, CFA®
Co-Founder & Managing Partner
Education:
• Boston University | B.A., Economics (Cum Laude) | 2000
Recent Business Background:
• Twin Focus Capital Partners, LLC | Managing Partner | June 2006 – Present
• UBS Financial Services Inc. | Financial Advisor | September 2003 – June 2006
• State Street Bank | Analyst | February 2000 – August 2003
Professional Designations:
• CFA®
Born:
• 1977
Contact Information:
• Phone: 617-720-4512
• Email: wk@twinfocus.com
3
Part 2B of Form ADV
Brochure Supplement: April 30, 2026
Paul Karger, CFA®
Co-Founder & Managing Partner
Education:
• Boston University | B.S., Manufacturing | 2000
Recent Business Background:
• Twin Focus Capital Partners, LLC | Managing Partner | June 2006 – Present
• UBS Financial Services Inc. | Vice President | September 1999 – June 2006
Professional Designations:
• CFA®, CIMA®
Born:
• 1977
Contact Information:
• Phone: 617-720-4515
• Email: pk@twinfocus.com
4
Part 2B of Form ADV
Brochure Supplement: April 30, 2026
John Pantekidis, JD, CFA®
Managing Partner, Chief Investment Officer, Chief Compliance Officer & General Counsel
Education:
• Boston University | LL.M., Law | 1994
• Boston University | JD., Law | 1993
• Boston University | B.A., Economics | 1990
Recent Business Background:
• Twin Focus Capital Partners, LLC | Partner, CIO & General Counsel | January 2007 – Present
• A.G. Edwards & Sons, Inc. | Financial Consultant | November 2003 – December 2006
Professional Designations
• CFA®
Born:
• 1967
Contact Information:
• Phone: 617-720-4517
• Email: jp@twinfocus.com
5
Part 2B of Form ADV
Brochure Supplement: April 30, 2026
Laurence J.S. Grosbaum, CPA, CFA®
Partner & Managing Director, Portfolio Management, Analytics and Reporting
Education:
• State University of New York at Buffalo │ B.S., Business Administration │ 1991
Recent Business Background:
• Twin Focus Capital Partners, LLC │ Managing Director, Portfolio Management, Analytics, and
Reporting │ June 2010 – Present
• Reed & Associates, CPAs │Senior Manager │ February 2010 – June 2010
• State Street Corporation │ Vice President │ September 2006 – December 2008
• Grant Thornton │ Senior Manager │ January 2006 – September 2006
Professional Designations:
• CPA
• CFA®
Born:
• 1969
Contact Information:
• Phone: 617-720-4525
• Email: laurence.grosbaum@twinfocus.com
6
Part 2B of Form ADV
Brochure Supplement: April 30, 2026
Jeffrey Heisler, PhD, CFA®
Partner & Managing Director, Investment Research
Education:
• New York University │ PhD, Finance │ 1995
• University of Chicago │ MBA, Finance │ 1986
• Union College │ B.S., Mechanical Engineering │ 1981
Recent Business Background:
• Twin Focus Capital Partners, LLC │Managing Director, Investment Research │ March 2014 –
Present
• The Colony Group │ Market Strategist │ February 2011 – February 2014
• Venus Capital Management │ Chief Risk Officer │ May 2009 – February 2011
Professional Designations:
• CFA®
Born:
• 1959
Contact Information:
• Phone: 617-720-4534
• Email: jeffrey.heisler@twinfocus.com
7
Part 2B of Form ADV
Brochure Supplement: April 30, 2026
Professional Designations
This Summary of Professional Designations is provided to assist you in evaluating the professional
designations and minimum requirements of our investment professionals who hold these designations.
CFP®: CERTIFIED FINANCIAL PLANNER ™
A CERTIFIED FINANCIAL PLANNER™ is a professional designation issued by the Certified Financial Planner
Board of Standards, Inc. Candidates for the CFP® designation are tested on over 100 topics in the following
areas: financial planning, insurance, investment planning and retirement and estate planning. A
CERTIFIED FINANCIAL PLANNER™ is qualified to give financial advice and make financial decisions for
individuals seeking their expertise. A CERTIFIED FINANCIAL PLANNER™ must participate in continuing
education, including ethics training, to maintain his or her certification.
CPA: Certified Public Accountant
CPAs are licensed and regulated by their state boards of accountancy. While state laws and regulations
vary, the education, experience and testing requirements for licensure as a CPA generally include
minimum college education (typically 150 credit hours with at least a baccalaureate degree and a
concentration in accounting), minimum experience levels (most states require at least one year of
experience providing services that involve the use of accounting, attest, compilation, management
advisory, financial advisory, tax or consulting skills, all of which must be achieved under the supervision
of or verification by a CPA), and successful passage of the Uniform CPA Examination. In order to maintain
a CPA license, states generally require the completion of 40 hours of continuing professional education
(CPE) each year (or 80 hours over a two-year period or 120 hours over a three-year period). Additionally,
all American Institute of Certified Public Accountants (AICPA) members are required to follow a rigorous
Code of Professional Conduct which requires that they act with integrity, objectivity, due care,
competence, fully disclose any conflicts of interest (and obtain client consent if a conflict exists), maintain
client confidentiality, disclose to the client any commission or referral fees, and serve the public interest
when providing financial services.
CFA: Chartered Financial Analyst
The CFA® charter is a credential awarded by the CFA Institute to individuals who meet its education,
examination, sponsorship, experience and ethics requirements. To earn a CFA® charter, eligible
candidates must have four years of qualified investment work experience, become a member of the CFA
Institute, adhere to the Code of Ethics and Standards of Professional Conduct on an ongoing basis, and
complete the CFA® program, which requires the passage of three separate six-hour examinations. Topics
tested by the CFA Institute include ethical standards, quantitative methods, economics, financial
reporting, corporate finance, equities, fixed income, derivatives, alternative investments, and portfolio
management.
8
Part 2B of Form ADV
Brochure Supplement: April 30, 2026
CAIA: Chartered Alternative Investment Analyst
The Chartered Alternative Investment Analyst (CAIA®) designation is awarded by the CAIA Association to
investment professionals who demonstrate expertise in alternative investments. To earn the CAIA
designation, candidates must complete a two-level examination program that covers topics such as hedge
funds, private equity, real assets, structured products, derivatives, portfolio management, and risk
management. Candidates must also meet professional experience requirements and agree to adhere to
the CAIA Association’s Member Agreement and Professional Conduct Statement. CAIA charterholders are
required to maintain membership in the CAIA Association and comply with ongoing ethical and
professional standards.
Certified Investment Management Analyst® (CIMA®)
The CIMA certification, administered through Investment Management Consultants Association (IMCA),
signifies that an individual has met initial and on-going experience, ethical, education, and examination
requirements for investment management consulting, including advanced investment management
theory and application. Prerequisites for the CIMA certification are three years of financial services
experience and an acceptable regulatory history. To obtain the CIMA certification, candidates must pass
a Qualification Examination, successfully complete a one-week classroom education program, pass a
Certification Examination, and have an acceptable regulatory history. CIMA designees are required to
adhere to IMCA’s Code of Professional Responsibility, Standards of Practice, and Rules and Guidelines for
Use of the Marks. CIMA designees must report 40 hours of continuing education credits, including two
ethics hours, every two years to maintain the certification.
Series 65 License:
Series 65 is a securities license issued by the North American Securities Administrators Association
(NASAA) that is administered by FINRA, which allows individuals to serve as investment advisors.
Candidates who passed the Series 65 exam were tested on the following areas: laws, regulations, ethics,
and investment products.
Series 66 License:
Series 66 is a securities license issued by the North American Securities Administrators Association
(NASAA) that allows an individual the right to register as an investment advisor representative and/or
securities agent. Candidates who pass the Series 66 exam also meet the requirements of the Series 63
and 65 exams.
9
Part 2B of Form ADV
Brochure Supplement: April 30, 2026
Item 3. Disciplinary Information
TwinFocus is required to disclose information regarding any legal or disciplinary events material to a
client’s or prospective client’s evaluation of the supervised persons identified at Item 2. TwinFocus has
no information to disclose in response to this Item.
Item 4. Other Business Activities
Paul Karger serves as a member of the Board of Directors of MPM Asset Management LLC, a venture
capital investment management firm. In connection with this role, Mr. Karger receives compensation of
approximately $25,000 per year. MPM Asset Management LLC was founded by a TwinFocus client, and
certain TwinFocus clients are investors in investment funds managed by MPM Asset Management LLC.
Mr. Karger’s service on the board creates a potential conflict of interest because he receives
compensation from an organization whose investment funds may be held in client portfolios. TwinFocus
has adopted policies designed to address this potential conflict, including requiring Mr. Karger to recuse
himself from decisions relating to investments in MPM Asset Management LLC funds where appropriate.
Item 5. Additional Compensation
TwinFocus is required to disclose information regarding any arrangement under which the supervised
persons identified at Item 2 receive an economic benefit from someone other than a client for providing
investment advisory services. The supervised persons discussed herein generally receive compensation
solely in connection with investment advisory services they provide to advisory clients, including private
funds sponsored by TwinFocus or an affiliate, except as disclosed above under Item 4.
Item 6. Supervision
The supervised persons identified above are supervised by the firm’s principals, including Wesley Karger
and Paul Karger. The firm’s principals supervise one another through ongoing oversight, trade supervision,
compliance monitoring, periodic performance evaluations, staff meetings, and direct communication.
10