First Manhattan Co.

What First Manhattan Co. does

First Manhattan Co. is a privately held, independently owned investment advisory and wealth planning firm founded in 1964 by David "Sandy" Gottesman and headquartered in New York City. The firm serves high-net-worth individuals and families, with a secondary institutional segment, through three core product lines: separately managed portfolios of individual stocks and bonds driven by in-house proprietary research; 360-degree wealth planning covering estate planning, trust administration, retirement, and charitable giving; and alternative investment strategies. Operating through wholly owned subsidiaries First Manhattan Co. LLC (SEC-registered investment adviser) and First Manhattan Securities LLC (FINRA-registered broker-dealer, SIPC member), the firm generates revenue primarily through recurring investment advisory fees on fee-paying assets, supplemented by transaction-based brokerage commissions and professional-services wealth planning fees. The firm manages $34–36 billion in fee-paying assets as of 2024–2026 with approximately 120 employees and offices in New York, Greenwich, and Jackson.

The firm's technology foundation centers on a modernized client experience stack built on Unqork Enterprise App Cloud, with Snowflake as the centralized data warehouse aggregating custodian, CRM, and portfolio data, Azure B2C for authentication, and Equifax for KYC/AML orchestration. Distribution is exclusively direct and relationship-based — no marketplace, reseller, or third-party channels — relying on referrals, the Gottesman/Buffett heritage, and selective acquisition of independent advisors (Beddow Capital Management, Roanoke Asset Management, Grand Jean Capital Management) to grow AUM. The firm has remained family-controlled since founding and is now led by CEO Zachary Wydra and Executive Chairman Robert Gottesman.

Name

First Manhattan Co.

Legal name

FMC Group Holdings LP

Website

https://firstmanhattan.com

Company type

Private

Founded year

1964

Operating status

Operating

Headcount range

101–250 employees

Short description

First Manhattan Co. is a privately held investment advisory and wealth planning firm founded in 1964 that manages $34–36 billion for high-net-worth individuals and families through separately managed portfolios, wealth planning, and alternatives, operated via SEC-registered investment adviser and FINRA-registered broker-dealer subsidiaries.

Ownership category

akta.pro rank

Product category

Wealth Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Private Client/High-Net-Worth Advisory (FSAEAAAN)

Keywords

• Investment advisory services
• Wealth management planning
• Separately managed portfolios
• Estate planning services
• Portfolio management research

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. Investment Advisory Fees: Investment advisory fees charged to accounts advised by First Manhattan Co. LLC on a discretionary or nondiscretionary basis, as disclosed in Form ADV.
2. Brokerage Commissions: Brokerage commissions charged to standalone brokerage accounts through First Manhattan Securities LLC, a registered broker-dealer. Commission schedule applies to nondiscretionary brokerage accounts not subject to investment advisory relationship.
3. Wealth Planning Services: Fees for comprehensive wealth planning services including 360-degree financial views, estate planning, trust administration, retirement planning, and charitable giving strategies.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

First Manhattan Co. is an investment advisory and wealth planning firm that builds separately managed portfolios of individual stocks and bonds for high-net-worth individuals and families. The firm also provides comprehensive 360-degree wealth planning covering estate planning, trust administration, retirement planning, tax planning, and charitable giving strategies, supported by in-house proprietary research spanning all market sectors.

Differentiator

Problem solved

Functional benefit

Brands

• First Manhattan Excelsior ETFs: Exchange-traded funds offered by First Manhattan through fmexcelsioretfs.com

Products and services

• Separately Managed Portfolios Customized investment portfolios built with individual stocks and bonds, managed with a long-term investment approach driven by in-house proprietary research. Designed for high-net-worth clients and institutions seeking time-tested, value-added portfolio management.
• Wealth Planning Comprehensive 360-degree wealth planning service addressing trust and estate planning, retirement planning, tax planning, and intergenerational wealth transfer for wealthy individuals and families.
• Alternative Investment Strategies Alternative investment strategies offered alongside traditional portfolios to complement core holdings and provide diversification across additional asset classes for high-net-worth clients.
• First Manhattan Client Portal Digital client interface providing on-demand account information, portfolio data, interactive charting, secure messaging with advisors, document access, and First Manhattan insights and communications for advisory clients.
• First Manhattan Excelsior ETFs Exchange-traded fund product line offered by First Manhattan through the dedicated fmexcelsioretfs.com website, providing investors with access to First Manhattan-managed ETF strategies.
• Brokerage Services Brokerage services provided through First Manhattan Securities LLC, a wholly owned registered broker-dealer subsidiary, with commissions charged per a published schedule on standalone brokerage accounts not subject to an investment advisory relationship.

Quantifiable outcome

• Over $34 billion in fee-paying assets managed as of 2024
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• Beddow Capital Management / Edward BeddowcoreStrategic or Co-development Partner · 2 March 2026Beddow Capital Management, a nearly 40-year-old Wyoming-based investment practice with over $300 million in client assets, joined First Manhattan. Founder Edward Beddow joined as Senior Managing Director and Portfolio Manager, continuing to serve clients from Jackson, Wyoming. The integration reflects First Manhattan's strategy of selectively adding experienced investors who align with its long-term, research-driven approach.
• Adam YalecoreStrategic or Co-development Partner · 12 January 2026Adam Yale rejoined First Manhattan as Portfolio Manager, returning to where he began his career more than 25 years ago. Previously Partner and Portfolio Manager at Lawson Kroeker Investment Management in Omaha, and spent over 16 years at Red Cedar Capital. His return aligns with First Manhattan's long-standing ties to Omaha through founder David 'Sandy' Gottesman's friendship with Warren Buffett.
• UnqorkcoreTechnology or IntegrationUnqork Enterprise App Cloud selected as the platform for modernizing, digitizing, and automating client and advisor experiences. Implemented end-to-end client onboarding and account opening solution as well as redesigned client portal. Unqork serves as integration and orchestration layer connecting with legacy systems, third-party software, Azure B2C authentication, and Snowflake data warehouse.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Bessemer Trust: Privately held, family-office-rooted wealth and investment advisory firm serving HNW and ultra-HNW families with active portfolio management and comprehensive wealth planning. Direct comparable in ownership structure, client segment, and product mix.
• Glenmede: Independent, privately held investment and wealth management firm founded by the Pew family, serving HNW families, foundations, and endowments with active management and multi-generational planning. Direct comparable in independent-ownership model and HNW focus.
• Geneva Capital Group: Independent, employee-owned RIA serving HNW individuals and families with active equity, fixed income, and alternative investment strategies. Comparable as a similarly-sized independent advisor with active management emphasis.
• Brown Brothers Harriman: Privately held, partnership-owned bank and wealth manager providing investment management, private banking, and wealth planning to HNW families. Comparable as a partnership-owned competitor with active management and integrated wealth services.
• Rockefeller Capital Management: Privately held wealth and investment advisory firm serving ultra-HNW and HNW families with separately managed portfolios, alternative investments, and wealth planning. Direct peer in HNW segment, active management, and family-legacy brand positioning.

Broad incumbents

• J.P. Morgan Private Bank: Global private bank serving ultra-HNW and HNW clients with investment management, lending, and wealth planning. Competes for the same HNW households but as part of a much larger, multi-product institution.
• CIBC Private Wealth: Large-scale private wealth manager (part of CIBC) serving HNW and ultra-HNW families with investment advisory, wealth planning, and private banking. Comparable HNW segment and integrated offering, though operating as part of a broader banking group.
• Goldman Sachs Private Wealth Management: Private wealth division of Goldman Sachs serving ultra-HNW families with bespoke investment solutions, alternatives access, and wealth planning. Comparable HNW/UHNW segment and product mix, with vastly greater scale and brand reach.
• Pictet Group: Swiss private bank and wealth manager with a strong HNW and ultra-HNW franchise, offering discretionary management, wealth planning, and alternative investments. Comparable HNW focus and active management orientation, though international and larger in scale.

Emerging players

• Corient: Fast-growing ultra-HNW-focused multi-family office and RIA built through aggressive advisor recruitment and acquisitions. Comparable business model and target client, with a contrasting PE-backed growth playbook.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/@_firstmanhattan
• Facebookfacebook.com/firstmanhattan64
• LinkedInlinkedin.com/company/firstmanhattan
• Instagraminstagram.com/_firstmanhattan

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Manhattan Co.