First Manhattan
| Company type | Private |
|---|---|
| Industry | Wealth management, Investment advisory |
| Founded | 1964 |
| Founder | David "Sandy" Gottesman |
| Headquarters | New York City , United States |
Key people | Zac Wydra (CEO), Alvaro Spinola (CFO/COO), Robert Gottesman (Executive Chairman) |
| Products | Wealth planning, Investment advisory, Exchange-traded funds |
First Manhattan (abbreviated as FM) is a wealth management company established in 1964 by a group of financial leaders spearheaded by David "Sandy" Gottesman. The firm maintains its independent ownership and includes subsidiaries such as an investment adviser registered with the SEC and a broker-dealer registered with FINRA. As of 2024, leadership is under CEO Zac Wydra and CFO/COO Alvaro Spinola.
The firm's main office is located in New York City.
History
First Manhattan was launched in 1964 by Sandy Gottesman, who passed away in September 2022 at the age of 96. His son, Robert Gottesman, became part of the company in 1987 and currently holds the position of executive chairman.
In March 2022, First Manhattan integrated MRJ Capital, a registered investment adviser with US$168 million in assets under management, founded by Matt Greenberg. Later, in April 2025, Grand-Jean Capital Management, which manages over US$500 million and was created by Steven Grand-Jean after twenty years in investment banking, also joined FM.
The firm has broadened its product lineup by introducing two exchange-traded funds (ETFs) under the First Manhattan Excelsior ETFs brand. The FM Focus Equity ETF (ticker symbol: FMCX) debuted in April 2022, followed by the FM Compounders Equity ETF (ticker symbol: FMCE) in November 2024. Both ETFs are overseen by Himayani Puri, First Manhattan Partner and Head of Research.
Description
First Manhattan provides wealth planning and investment advisory services to a diverse clientele including high-net-worth individuals, trusts, partnerships, retirement accounts, and institutional investors. It manages assets exceeding US$34 billion on a fully discretionary basis, with account sizes ranging from below US$1 million to more than US$100 million. The firm’s approach centers on research-intensive, long-term value investing primarily focused on U.S. public equities and fixed-income securities.
A distinctive feature of First Manhattan’s portfolio is its substantial holdings in Berkshire Hathaway stock, reflecting an investment philosophy aligned with Warren Buffett’s principles. Founded by Sandy Gottesman—an early investor in Berkshire Hathaway and close confidant of Buffett—the firm draws upon a rich heritage of strategic leadership and industry esteem. At the 2025 Berkshire Hathaway Annual Meeting, Buffett acknowledged Gottesman’s business expertise and mentorship.
The company’s headquarters are situated in New York City, supporting its worldwide operations and affiliated entities.
People
Robert Gottesman serves as executive chairman and portfolio manager.
Day-to-day management and strategic development are directed by CEO Zac Wydra alongside CFO/COO Alvaro Spinola.