First Manhattan (FM) is a wealth management firm founded in 1964[1] 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.[2]
 | |
| 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.
Background
editFM 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,[3] utilizing a research-driven, long-term, value-oriented investment approach.[4]
The firm's clients are significant owners of Berkshire Hathaway stock,[5] and the firm has established a reputation for utilizing investing strategies similar to that espoused by Warren Buffett.[6] The firm's founder, David Gottesman, was an early investor in Berkshire Hathaway and maintained a long-standing friendship with Buffett.[7] 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.
Leadership
editDavid Gottesman founded the firm in 1964.[7] 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.[8]
Robert Gottesman, David Gottesman's son, joined First Manhattan in 1987 and is currently the firm's Executive Chairman and a Portfolio Manager.[9]
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.[4]
Recent Developments
editThe 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.[10][11]
Additionally, MRJ Capital, a $168M AUM registered investment adviser founded by Matt Greenberg, joined First Manhattan in March 2022.[12]
References
edit- ^ Schroeder, Alice (2008), "29 (footnote six)", The Snowball: Warren Buffett and the Business of Life, Random House, ISBN 9780553905496
- ^ "Our Team". First Manhattan. Retrieved 2024-04-05.
- ^ "About First Manhattan". First Manhattan. Retrieved 2024-04-05.
- ^ a b "Home". firstmanhattan.com.
- ^ "Berkshire Hathaway Inc. (BRK/A) Institutional Holdings". Nasdaq. Retrieved 2024-04-25.
- ^ "CORRECTING and REPLACING First Manhattan Reminds Vivus Shareholders That Time is Running out to Save Vivus". Business Wire. July 8, 2013.
- ^ a b "#1054 David Gottesman". Forbes. Retrieved August 1, 2015.
- ^ Hagerty, James R. (2022-09-30). "David S. Gottesman, Friend of Warren Buffett, Has Died at Age 96". Wall Street Journal. ISSN 0099-9660. Retrieved 2023-05-31.
- ^ "Executive Profile Robert William Gottesman". Bloomberg Business. September 1, 2015.
- ^ "First Manhattan Co. Launches Inaugural Actively Managed ETF—FMC Excelsior Focus Equity ETF (Ticker: FMCX)". www.businesswire.com. 2022-04-25. Retrieved 2023-05-31.
- ^ "Puri, Himayani". First Manhattan. Retrieved 2024-03-25.
- ^ "MRJ Capital Joins First Manhattan Co". www.businesswire.com. 2022-03-15. Retrieved 2023-05-31.
