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MoffettNathanson
Craig Moffett and Michael Nathanson run an independent equity research partnership covering telecom and media without banking conflicts.
MoffettNathanson
MoffettNathanson was co-founded by Craig Moffett and Michael Nathanson, two senior-ranked equity analysts who left large investment banks to build a research partnership centered on the convergence of telecommunications, media, and technology. Moffett joined from Sanford C. Bernstein, where he covered cable and telecom, while Nathanson had been a top-ranked media analyst at Nomura and Bernstein. The firm is headquartered in New York. The firm covers a concentrated roster of companies at the intersection of telecom, media, and internet infrastructure. Its research spans cable operators, wireless carriers, streaming platforms, entertainment conglomerates, and tower companies. Coverage has included Comcast, Charter Communications, Verizon, T-Mobile US, Walt Disney, Netflix, and American Tower — a mix of incumbent network operators and content-driven businesses. The product is institutional equity research, distributed via a subscription model to asset managers and hedge funds. There is no fund-of-funds, SPV, or direct investing arm. The geographic footprint is focused on US-listed equities, though many covered companies operate internationally. Unlike large bank platforms, MoffettNathanson is not a multi-asset manager. The entire business is the research product, sold as a subscription service to institutional investors. The firm has historically maintained about a dozen senior analysts and a total staff in the 20–30 range. The partnership structure aligns analyst compensation directly with the quality of their work, not with investment banking or trading fees. In May 2024, SVB Financial Group, which had owned the firm following its acquisition of Leerink Partners' research business, sold the unit back to its founders and management, restoring MoffettNathanson's independent partnership structure (per Reuters, May 2024). The structural differentiator is the unbundled research model. Free from investment banking conflicts and proprietary trading desks, the firm's only business is paid research subscriptions. When it issues a sell rating or questions a consensus growth narrative — as it did repeatedly on broadband subscriber trends and streaming profitability — the call stands on its merits, not on a banking relationship. That buyside-paid, no-conflicts bargain remains rare at scale in US equity research.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Craig Moffett
Co-Founder, Senior Research Analyst
Michael Nathanson
Co-Founder, Senior Research Analyst
Sector focus
Frequently asked questions
Who runs investment decisions at MoffettNathanson?
MoffettNathanson does not manage outside capital, so there are no investment decisions in the asset-management sense. The firm's research recommendations — stock ratings, price targets, and thematic reports — are authored by its senior analysts, principally co-founders Craig Moffett and Michael Nathanson, alongside their team. Each analyst has signature coverage areas; Moffett leads on telecom and cable, Nathanson on media and entertainment.
How does MoffettNathanson source proprietary deal flow?
As a research-only firm, MoffettNathanson does not source investments or deal flow. Its proprietary edge comes from primary financial analysis, management meetings, and industry data sets — not from transaction sourcing. The firm competes with bank-affiliated research departments by maintaining a concentrated coverage list and avoiding the conflicts that come from underwriting or advisory work.
Is MoffettNathanson structured as a single family office or does it operate more like a venture firm?
Neither. MoffettNathanson is an independent institutional equity research partnership. It sells subscription-based research to professional investors — asset managers, hedge funds, and pension plans — covering publicly traded telecom, media, and internet companies. It has no private investment vehicles, no venture arm, and no family-office wealth management business.
Does MoffettNathanson participate in fund commitments or only direct deals?
MoffettNathanson does not participate in fund commitments or direct deals at all. The firm is an equity research provider, not a fund allocator or co-investor. Institutional clients use its published research to inform their own public-market investment decisions, but the firm itself takes no principal positions on behalf of third-party capital.
What investment stages does MoffettNathanson typically target?
The firm does not target investment stages. Its coverage universe is entirely composed of publicly traded equities, typically large- and mega-cap US-listed companies. The research does occasionally address pre-IPO dynamics or spin-off scenarios, but only as context for analyzing the public companies under coverage.
How is MoffettNathanson related to SVB Financial Group?
SVB Financial Group acquired the research business via its purchase of Leerink Partners, which had previously integrated MoffettNathanson. Following SVB's bankruptcy in 2023, the MoffettNathanson unit returned to independence in May 2024 when the firm's founders and management purchased the business back (per Reuters, May 2024). The firm now operates as an independent partnership.
What is MoffettNathanson's known posture on co-investments alongside external GPs?
MoffettNathanson has no co-investment posture or platform. The firm exists solely to produce and sell equity research. It does not invest alongside GPs, does not participate in club deals, and does not operate any pooled investment vehicles. Its entire revenue model is subscription fees for written research and analyst access.
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