First Manhattan

Office address: 399 Park Avenue, New York, NY 10022
Website: firstmanhattan.com
Year established: 1964
Company type: financial services
Employees: 145+ (2025)
Expertise: investment advisory, wealth management, portfolio management, equity research, fixed-income investing, estate planning, retirement planning, alternative investments, ETF management, philanthropic planning
Parent company: N/A
Key people: Zachary Wydra (CEO), Robert Gottesman (executive chair), Himayani Puri (head of research), Alvaro Spinola (CFO), Andrew Aspen (chief legal officer), Graham Clifford (CTO), Wendy Mullen (chief administrative officer)
Financing status: shareholder-owned company

First Manhattan is a New York City investment advisory and wealth planning firm, independently owned and operated by its partners. As of 2025, the firm manages more than $36 billion in client assets, serving individuals, families, and charitable foundations. Its 35+ investment professionals use a value-oriented, research-driven approach and hold over 115 portfolio company management meetings each year.

History of First Manhattan

First Manhattan was created by David "Sandy" Gottesman in 1964 with profits from his turnaround of Computer Systems Inc., a bankrupt computer maker. Before that, Gottesman spent about a decade in mergers and acquisitions at Hallgarten & Company, where he shaped his value-investing approach.

That approach resonated when Gottesman met Warren Buffett in 1963. The two then began a decades-long partnership built on shared principles.

The company opened its doors on Park Avenue with a simple goal: long-term, research-driven investing for wealthy individuals and families.

Early deals that shaped First Manhattan's direction

The firm made big moves early on. Along with Buffett and Charlie Munger, they formed Diversified Retailing Co. and bought Hochschild, Kohn & Co., a Baltimore department store, in the mid-1960s.

The deal didn't work out, but First Manhattan put the sale proceeds into Berkshire Hathaway shares that grew about 6,000 times over the next few decades. That Berkshire stake became a core part of the firm's story and drew in clients who believed in long-term investing.

Growth across generations and geographies

First Manhattan stayed small and private for years, building its client base through referrals instead of ads. Sandy's son, Robert Gottesman, joined the firm as an analyst in 1987 and became CEO by 2006. Under his watch, assets grew from about $11 billion in 2010 to over $21 billion by 2022.

Scaling through new products and acquisitions

The company entered a new chapter after Sandy Gottesman passed away on September 28, 2022, at age 96. It launched two actively managed ETFs – FMCX that same year and FMCE in 2024.

In 2025, First Manhattan acquired Grand-Jean Capital Management, a San Francisco-based RIA with over $500 million in assets, to expand its West Coast reach. By December 2025, total AUM had topped $36 billion.

First Manhattan's products and services

First Manhattan's offerings focus on long-term portfolios and planning that are tailored to each client's goals:

Investment management

• separately managed portfolios: customized, long-term portfolios built security by security

Wealth planning

• wealth planning: holistic planning across assets and goals
• financial planning: planning support across accounts and priorities
• retirement planning: retirement income and savings planning support
• balance sheet management: assets, liabilities, and liquidity review
• estate planning: coordination support with outside advisors
• philanthropic solutions: giving plans tied to family goals
• tax and accounting strategies: general strategy support with outside advisors

Alternative investment strategies

• China strategy: public equities tied to mainland China
• Experience Economy strategy: private growth and venture investments

Subsidiaries and related offerings

• First Manhattan Securities LLC: broker-dealer services under FINRA
• First Manhattan Co. LLC: SEC-registered investment advisor services
• FMCX and FMCE: actively managed equity ETFs

First Manhattan also emphasizes direct access to a dedicated portfolio manager. The firm notes that it does not provide legal, tax, or accounting advice.

Culture and corporate values

First Manhattan claims to foster a people-first culture by upholding these values:

1. integrity
2. growth
3. expertise
4. teamwork

First Manhattan promotes a long-term workplace, built through lasting client relationships. The company outlines several employee programs and compensation details:

• base salary and bonus: pay includes salary plus performance-based bonus
• performance-based incentives: bonus can reflect service quality and added AUM
• employee volunteering: firm asks all staff to volunteer time and skills
• Allan Glick Leadership Award: $1 million endowment recognizing UJA volunteers and professionals
• Food Bank for New York City: more than 35 years of support and board service
• New York Cares Coat Drive: annual participation in city-wide coat collection program

On the hiring front, First Manhattan states that it values diverse skills, backgrounds, and talents across its team. The firm commits to equal employment opportunities and prohibits discrimination under local, state, and federal rules.

About CEO Zachary Wydra and key people

Zachary Wydra leads as CEO of First Manhattan, also serving as a partner and portfolio manager. Before joining in 2015, Wydra was a partner at Beck, Mack & Oliver LLC. He holds graduate degrees from Columbia University and The Wharton School, and a BA from Brown University.

Wydra works alongside a team of experienced partners who each lead key areas of the firm:

• Robert W. Gottesman is the executive chair, partner, and portfolio manager
• Himayani Puri is a partner, head of research, and portfolio manager for the Excelsior ETFs
• Alvaro Spinola, CFA is a partner, CFO, and COO
• Andrew Aspen is a partner and chief legal officer
• Graham Clifford is a partner and chief technology officer
• Wendy Mullen is a partner and chief administrative officer

First Manhattan's leadership culture ties directly to its core values. Each team member's background and industry experience are listed on the firm's website.

The future at First Manhattan

In 2025, the company brought on Roanoke Asset Management, a New Jersey-based RIA with over $350 million in assets. Through the agreement, First Manhattan added two veteran portfolio managers with decades of combined investment experience. The move followed the Grand-Jean Capital integration earlier that year.

The company also added Adam Yale as a portfolio manager in Omaha in January 2026. Yale began his career at the firm, making the hire a return rather than a new recruitment.

His family connection to Borsheims, the Omaha-based jewelry retailer now part of Berkshire Hathaway, deepens First Manhattan's existing Berkshire ties. His addition strengthens the firm's national footprint and brings a seasoned investor to its growing team.

The latest First Manhattan news