First Manhattan

First Manhattan (FM) was 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 CEO and Portfolio Manager, Zac Wydra.

First Manhattan
IndustryFinancial Services, Asset Management, Wealth Management
Founded1964 (1964)
Headquarters
New York City
Key people
Robert Gottesman (Executive Chairman) and Zac Wydra (CEO)
ProductsInvestment management, Private investment funds, and ETFs
AUMUS$20+ billion (2022)
Number of employees
130
Websitewww.firstmanhattan.com

FM is based in New York City.

Background

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 $20 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 he has maintained a long-standing friendship with Mr. 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.

Leadership

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, is responsible for the management and day-to-day operations of the firm.[3]

Recent Developments

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 Senior Managing Director and the Director of Research at FM.[9]

Additionally, MRJ Capital, a $168M AUM registered investment adviser founded by Matt Greenberg, joined First Manhattan in March 2022.[10]

References
  1. Schroeder, Alice (2008), "29 (footnote six)", The Snowball: Warren Buffett and the Business of Life, Random House, ISBN 9780553905496
  2. Thrasher, Michael (March 14, 2022). "A $20 Billion, Stock-Picking RIA Is Looking for Like-Minded Advisors".
  3. "Home". firstmanhattan.com.
  4. http://www.nasdaq.com/symbol/brk-a/institutional-holdings
  5. "CORRECTING and REPLACING First Manhattan Reminds Vivus Shareholders That Time is Running out to Save Vivus". Business Wire. July 8, 2013.
  6. "#1054 David Gottesman". Forbes. Retrieved August 1, 2015.
  7. 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.
  8. "Executive Profile Robert William Gottesman". Bloomberg Business. September 1, 2015.
  9. "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.
  10. "MRJ Capital Joins First Manhattan Co". www.businesswire.com. 2022-03-15. Retrieved 2023-05-31.
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