First Manhattan Co (New York)

First Manhattan Co is a large advisory firm based in New York. It manages $20.28 billion of regulatory assets for 7,208 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 47 other states.

First Manhattan provides portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, and portfolio management for businesses and institutional clients. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

First Manhattan: assets under management

The assets under management (AUM) of First Manhattan Co is $20.28 billion. The firm's AUM has grown by 153% since the beginning of its operation, and $531 million of the total AUM is attributable to clients outside of the United States.

The firm manages $20.26 billion in discretionary accounts and $20.08 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $2.81 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $2.51 million.

First Manhattan has custody of $18.31 billion in cash and securities for 7,208 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 78% of the total AUM. The second-largest asset type is state and local bonds, which make up 10% of the firm’s portfolio. Investments in cash and cash equivalents form 9% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay First Manhattan Co for their services and products based on a percentage of assets under management, commissions, and performance-based fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients First Manhattan serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, pooled investment vehicles, and pension and profit sharing plans. The largest group of clients of First Manhattan is high net worth individuals with 3,419 clients and $17.22 billion of assets under management. Among the 11 most similar advisory firms, First Manhattan has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $20.28 billion for 7,208 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 2% of the firm’s clients are foreign persons or businesses.

First Manhattan also advises several private funds. Namely, twelve other private funds. The minimum investment commitment required of non-related persons ranges from $10,000 to $1,000,000.

Careers at First Manhattan Co

The company employs 125 people that are either part- or full-time employees. 34 percent of the employees work as investment advisers or researchers. No employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Leonard Charles Berman joined the executive team most recently as the Managing Member (For 5f Below "General Partner" = "Member").

Direct owners and executive officers

Indirect Owners

The SEC currently registers 26 indirect owners.

Based in New York

The principal office where First Manhattan Co performs its advisory services is located at 399 Park Avenue, New York, NY 10022, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 212-756-3300 or by fax 212-671-1676. The normal business hours are 9:00 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at firstmanhattan.com and its LinkedIn profile.

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