Manhattan firm buys stake in First Long Island Investors

Manhattan-based Kudu Investment Management has acquired a passive minority stake in First Long Island Investors in Jericho, which oversees approximately $1.6 billion in assets for high-net-worth individuals and families.

First Long Island Investors was founded in 1983 by Robert Rosenthal and Ralph Palleschi, who continue to lead the company, Rosenthal as president, managing director and chief investment officer, and Palleschi as president and chief operating officer. The company has a team of 26 people and there will be no changes to its management, workforce or day-to-day operations as a result of the transaction, the terms of which were not disclosed.

“All of the company’s investments, asset allocation, customer experience, management and operations will continue as they always have,” Rosenthal said.

Prior to founding First Long Island Investors, Rosenthal and Palleschi worked together at Entenmann’s, where Rosenthal became executive vice president and chief operating officer and Palleschi was chief financial officer. It was by meeting the financial and investment needs of the Entenmann family that Rosenthal conceived the idea of ​​First Long Island Investors, in which he could collaborate with Palleschi to serve business owners, entrepreneurs and wealthy families. similar.

“Bob and Ralph and their team have built an exceptional franchise, serving entrepreneurs and other high net worth individuals in the greater New York area,” Kudu Investment Management CEO Rob Jakacki said in a statement.

Kudu Investment Management provides permanent capital solutions, including generational ownership transfers, management buyouts, acquisition and growth financing, and liquidity for legacy partners, to asset and wealth managers. Founded in 2015, the company is backed by capital partner White Mountains Insurance Group.

Kudu’s investment will provide First Long Island Investors with a “leading and growing network of corporate partners and relationships that we hope to leverage as we enter our next phase of growth,” Rosenthal said in a statement announcing the transaction.

First Long Island Investors “always seeks to grow and grow its business by providing high net worth individuals and families with wealth management services,” Palleschi said. “We will continue to grow organically by attracting new qualified clients and examining ways in which Kudu and its other investment partners can improve additional services to our clients.”