Bruce Sherman | |
|---|---|
| Born | 1948 (age 76–77) |
| Nationality | American |
| Education | B.A.University of Rhode Island M.B.A.Baruch College |
| Occupation | Businessman |
| Known for | Co-founder of Private Capital Management Owner of theMiami Marlins |
| Spouses |
|
| Children | 2 |
| Parent(s) | Sylvia and Michael Sherman |
Bruce S. Sherman (born May 1948) is an American businessman and co-founder of the wealth-management firm Private Capital Management[1] and the chairman and majority owner of theMiami Marlins ofMajor League Baseball.
Sherman was raised in a middle-class neighborhood inQueens, New York, the son of Sylvia and Michael Sherman.[1][2] His mother was a school teacher in New York public schools.[3] He has two brothers, Peter and Joel.[3] He graduated with a B.A. from theUniversity of Rhode Island and received a M.B.A. fromBaruch College.[1] After college, he worked for the accounting firmArthur Young. At the age of 29, Sherman was recruited by an executive search firm to be chief financial officer for a company owned by theCollier family.[4]
In 1985, he co-founded the wealth-management firm Private Capital Management (PCM) whose initial client was the Collier family.[1] PCM expanded its customer base to include government agencies, colleges and universities.[1] The firm grew to $4.4 billion in assets under management in 1999.[1] In 1997, PCM soldInternational Dairy Queen (1997) to investorWarren Buffett for $585 million.[5][6] In 2001, he sold PCM toLegg Mason for $1.4 billion.[7] Sherman remained at the firm's helm and sold two additional companies to Buffett:Shaw Industries in 2001 for $2.1 billion and Garan (the maker ofGaranimals) in 2002 for $270 million.[5][8][9][10] Over the years, some of his successes include investments inQualcomm Inc,Apple Computer,International Game Technology,Banknorth and Charter One Financial.[1][11] By 2005, PCM had $31 billion in assets.[1] By 2009, PCM's assets had reduced to $2.4 billion after several bad investments in newspaper companies (Knight Ridder,The New York Times Company, andGannett), combined with a $478.6 million loss in their investment inBear Stearns (which collapsed in 2008).[1][12] Sherman retired in 2009 stating "I am very proud of my investment career over 23 years, especially the first 22 years."[1] In August 2017, Sherman led a business group, which included former professional sports playersMichael Jordan andDerek Jeter, that made a $1.2 billion bid to purchase theMiami Marlins fromJeffrey Loria.[1]
Sherman and his wife support various charities including theNaples Winter Wine Festival which benefits the Naples Children and Education Fund.[1] In 2016, the couple founded the Sherman Prize which awards prizes to those who have made advances in the fight against inflammatory bowel diseases includingulcerative colitis andCrohn's disease (of which both his daughters are afflicted).[13][1] The Shermans endowed the Bruce and Cynthia Sherman Professorship of Urology Research and Innovation atNew York University.[14] His wife is a founder of the Holocaust Museum of Southwest Florida in Naples.[4]
In 1999, he married Cynthia Kahn inManhattan.[2] He has two daughters from a previous marriage to Marlene Bluestein.[1][15]
Cynthia Leigh Kahn and Bruce Stephen Sherman were married last evening by Cantor Robert Abelson at the Pierre in New York.