First Manhattan (FM) is a wealth management firm founded in 1964 by a group of financial industry executives led by David "Sandy" Gottesman. FM remains independently owned and operated, with operating subsidiaries that include an SECâÂÂregistered investment adviser and a brokerâÂÂdealer registered with FINRA. , FM is led by ZacàWydra, CEO and portfolio manager, and AlvaroàSpinola, CFO/COO.
FM is based in New York City.
SandyÃÂ Gottesman co-founded FirstÃÂ Manhattan in 1964. He died on SeptemberÃÂ 28,ÃÂ 2022, at the age ofÃÂ 96.
RobertÃÂ Gottesman, SandyÃÂ Gottesman's son, joined FirstÃÂ Manhattan in 1987.
In March 2026, Beddow Capital Management, a registered investment advisor with approximately $300M in assets under management, became part of First Manhattan. Edward Beddow joined the Firm as Senior Managing Director and Portfolio Manager. He has nearly 40 years of experience in the financial markets and previously worked in investment banking at Dean Witter Reynolds. He is based in Jackson, Wyoming.
In January 2026, Adam Yale joined First Manhattan as a Portfolio Manager, based in Omaha, Nebraska. Yale previously served as a Partner at Lawson Kroeker Investment Management and has more than two decades of experience managing client portfolios. His move marked a return to the Firm where he began his investment career. Yale brought longstanding client relationships and has familial ties to Borsheims, the Omaha-based jeweler retailer in which Berkshire Hathaway purchased a majority interest in 1989.
In August 2025, the team from Roanoke Asset Management, a New Jersey-based registered investment advisor with over $350M in assets under management, joined First Manhattan. The firm was founded in 1978 by Edwin Vroom, who co-managed client portfolios alongside Adele Weisman for over four decades. Both joined First Manhattan as Senior Managing Directors and Portfolio Managers. The team brought with them a longstanding focus on fundamentals-based investing and personalized client service.
In Aprilà2025, GrandâÂÂJean Capital Management, a registered investment adviser with more than US$500àmillion in assets under management, joined FirstàManhattan. StevenàGrandâÂÂJean founded GrandâÂÂJean Capital Management in 1990 after a 20âÂÂyear career in investment banking.
The firm has launched two exchange-traded funds (ETFs) under its FirstÃÂ Manhattan Excelsior ETFs banner, with FirstÃÂ Manhattan Partner and HeadÃÂ ofÃÂ Research HimayaniÃÂ Puri as the portfolio manager. FMÃÂ FocusÃÂ EquityÃÂ ETF (ticker: FMCX) was launched in AprilÃÂ 2022, and FMÃÂ CompoundersÃÂ EquityÃÂ ETF (ticker: FMCE) was launched in NovemberÃÂ 2024.
In 2025, First Manhattan was ranked 15th on BarronâÂÂs list of the Top 100 RIA Firms and 21st on Financial Advisor magazineâÂÂs AmericaâÂÂs Top RIAs list.
First Manhattan provides investment advisory and wealth planning services to highâÂÂnetâÂÂworth 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 US$1àmillion to over US$100àmillion. The firm currently manages in excess of US$34àbillion, utilizing a researchâÂÂdriven, longâÂÂterm, valueâÂÂoriented investment approach.
The firm's clients are significant owners of Berkshire Hathaway stock, and the firm has established a reputation for utilizing investing strategies similar to that espoused by Warren Buffett. The firm's founder, SandyàGottesman, was an early investor in Berkshire Hathaway and maintained a longâÂÂstanding friendship with Buffett. During the Berkshire Hathawayà2025àAnnual Meeting, Buffett paid tribute to Gottesman, saying: âÂÂThe Berkshire experience is pretty dramatic. To operate with SandyàGottesman from 1963 until he died a couple years agoà⦠you really canâÂÂt miss. YouâÂÂll learn all the time but youâÂÂll learn not only how to be successful in business, youâÂÂll learn how to be successful in life.â FirstàManhattanâÂÂs investment approach is to establish longâÂÂterm positions in portfolio companies, most often relying on fundamental analysis and targeting value in the public equity and fixedâÂÂincome markets of the United States.
FM is based in New York City.
RobertÃÂ Gottesman was the firm's executive chairman and a portfolio manager. In an article in FA Magazine August 2025 Robert Gottesman was still identified as Chairman.
the firm's Management Team, led by CEO ZacàWydra and CFO/COO AlvaroàSpinola, is responsible for the management and dayâÂÂtoâÂÂday operations of the firm.