| First Manhattan | |
| Industry: | Financial Services, Asset Management, Wealth Management |
| Location City: | New York City |
| Key People: | Robert Gottesman (Executive Chairman), Zac Wydra (CEO), Alvaro Spinola (CFO/COO) |
| Products: | Investment management, Private investment funds, and ETFs |
| Aum: | US$31+ billion (2024) |
| Num Employees: | 130 |
First Manhattan (FM) is a wealth management firm founded in 1964 by a group of financial industry executives led by the late David "Sandy" Gottesman. FM remains independently owned and operated, with operating subsidiaries that include an SEC-registered investment adviser and a broker-dealer registered with FINRA. FM is currently led by Zac Wydra, CEO and Portfolio Manager, and Alvaro Spinola, CFO/COO.[1]
FM is based in New York City.
FM provides investment advisory and wealth planning services to high-net-worth individuals, as well as to partnerships, trusts, retirement accounts, and institutional clients. The firm manages investments on a fully discretionary basis for accounts ranging from under $1 million to over $100 million. The firm currently manages in excess of $31 billion,[2] utilizing a research-driven, long-term, value-oriented investment approach.[3]
The firm's clients are significant owners of Berkshire Hathaway stock,[4] and the firm has established a reputation for utilizing investing strategies similar to that espoused by Warren Buffett.[5] The firm's founder, David Gottesman, was an early investor in Berkshire Hathaway and maintained a long-standing friendship with Buffett.[6] The firm's investment approach is to establish long term positions in portfolio companies, most often relying on fundamental analysis and targeting value in the public equity and fixed-income markets of the United States.
David Gottesman founded the firm in 1964.[6] Mr. Gottesman was a member of the Board of Directors of Berkshire Hathaway, Inc. He was a director of the Securities Industry Association. Mr. Gottesman passed on September 28, 2022, at the age of 96.[7]
Robert Gottesman, David Gottesman's son, joined First Manhattan in 1987 and is currently the firm's Executive Chairman and a Portfolio Manager.[8]
The firm's Management Committee, led by CEO Zac Wydra and CFO/COO Alvaro Spinola, is responsible for the management and day-to-day operations of the firm.
The firm launched an exchange-traded fund, FMC Excelsior Focus Equity ETF (ticker: FMCX), an actively managed ETF that invests in First Manhattan's highest-conviction ideas driven by its rigorous, fundamentals-based research. Himayani Puri is the Portfolio Manager for FMCX and a Partner and the Head of Research at FM.[9] [10]
Additionally, MRJ Capital, a $168M AUM registered investment adviser founded by Matt Greenberg, joined First Manhattan in March 2022.[11]