First Manhattan (FM), formerly First Manhattan Consulting Group (FMCG), 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. As of 2024[update] FM is led by Zac Wydra, CEO and portfolio manager, and Alvaro Spinola, CFO/COO.
 | |
| Industry | Financial Services, Asset Management, Wealth Management |
|---|---|
| Founded | 1964 |
| Headquarters | 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) |
Number of employees | 130 |
| Website | www |
FM is based in New York City.
History
editDavid Gottesman founded First Manhattan in 1964.[1][2] He was a director of the Securities Industry Association. He died on September 28, 2022, at the age of 96.[3]
Robert Gottesman, David Gottesman's son, joined First Manhattan in 1987.[4]
Brian Hartzer, who later moved to Australia, worked for the First Manhattan Consulting Group (FMCG), working in New York, San Francisco, and Melbourne, around the 1990s.[5] Hartzer concluded his time at FMCG as a vice president (partner).[6][7]
MRJ Capital, a $168M AUM registered investment adviser founded by Matt Greenberg, joined First Manhattan in March 2022.[8]
In April 2022 the firm launched an exchange-traded fund (ETF), FMC Excelsior Focus Equity ETF (ticker: FMCX), an actively managed ETF, with Himayani Puri as the portfolio manager as well as being a partner and the head of research at FM.[9][10]
Description
editFirst Manhattan 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,[11] utilizing a research-driven, long-term, value-oriented investment approach.[12]
The firm's clients are significant owners of Berkshire Hathaway stock,[13] and the firm has established a reputation for utilizing investing strategies similar to that espoused by Warren Buffett.[14] The firm's founder, David Gottesman, was an early investor in Berkshire Hathaway and maintained a long-standing friendship with Buffett.[1] 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.[citation needed]
FM is based in New York City.
People
editAs of 2015[update] Robert Gottesman was the firm's executive chairman and a portfolio manager.[4]
As of 2024[update] 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.[12]
References
edit- ^ a b "#1054 David Gottesman". Forbes. Retrieved August 1, 2015.
- ^ Schroeder, Alice (2008), "29 (footnote six)", The Snowball: Warren Buffett and the Business of Life, Random House, ISBN 9780553905496
- ^ Hagerty, James R. (September 30, 2022). "David S. Gottesman, Friend of Warren Buffett, Has Died at Age 96". Wall Street Journal. ISSN 0099-9660. Retrieved May 31, 2023.
- ^ a b "Executive Profile Robert William Gottesman". Bloomberg Business. September 1, 2015.
- ^ "Australian Museum Trust". The Australian Museum. Archived from the original on November 12, 2024. Retrieved November 17, 2024.
- ^ "Ex-ANZ executive Hartzer to join RBS". The Sydney Morning Herald. May 7, 2009. Retrieved May 21, 2020.
- ^ Pash, Chris (November 13, 2014). "How Brian Hartzer Lined Himself Up For The Top Job At Westpac". Business Insider Australia. Archived from the original on November 15, 2014.
- ^ "MRJ Capital Joins First Manhattan Co". www.businesswire.com. March 15, 2022. Retrieved May 31, 2023.
- ^ "First Manhattan Co. Launches Inaugural Actively Managed ETF—FMC Excelsior Focus Equity ETF (Ticker: FMCX)". www.businesswire.com. April 25, 2022. Retrieved May 31, 2023.
- ^ "Puri, Himayani". First Manhattan. Retrieved March 25, 2024.
- ^ "About First Manhattan". First Manhattan. Retrieved April 5, 2024.
- ^ a b "Home". firstmanhattan.com.
- ^ "Berkshire Hathaway Inc. (BRK/A) Institutional Holdings". Nasdaq. Retrieved April 25, 2024.
- ^ "CORRECTING and REPLACING First Manhattan Reminds Vivus Shareholders That Time is Running out to Save Vivus". Business Wire. July 8, 2013.
