Bruce Sherman

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Bruce Sherman
Born Bruce Stephen Sherman
1948 (age 69–70)
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 the Miami Marlins
Home town Naples, Florida
Spouse(s) Marlene Bluestein (divorced)
Cynthia Kahn
Children Lori Shaer
Randi Stanley
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 majority owner of the Miami Marlins of Major League Baseball.

Biography[edit]

Sherman was born and raised in a middle-class neighborhood in Queens, New York.[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 the University of Rhode Island and received a M.B.A. from Baruch College.[1] After college, he worked for the accounting firm Arthur Young and then at the age of 29, was recruited by an executive search firm to be chief financial officer for a company owned by the Collier 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 sold International Dairy Queen (1997) to investor Warren Buffett for $585 million.[5][6] In 2001, he sold PCM to Legg 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 of Garanimals) in 2002 for $270 million.[5][8][9][10] Over the years, some of his successes include investments in Qualcomm 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, and Gannett Company) combined with a $478.6 million loss in their investment in Bear 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, including Michael Jordan and Derek Jeter, that made a $1.2 billion bid to purchase the Miami Marlins from Jeffrey Loria.[1] Sherman is currently the controlling owner of the team.[13]

Philanthropy[edit]

Sherman and his wife support various charities including the Naples 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 including ulcerative colitis and Crohn's disease (of which both his daughters are afflicted).[14][1] The Shermans endowed the Bruce and Cynthia Sherman Professorship of Urology Research and Innovation at New York University.[15] His wife is a founder of the Holocaust Museum of Southwest Florida in Naples.[4]

Personal life[edit]

In 1999, he married Cynthia Kahn in Manhattan.[2] He has two daughters,[1] Lori Shaer and Randi Stanley,[16][17][18] from a previous marriage to Marlene Bluestein.[16]

References[edit]

  1. ^ a b c d e f g h i j k l m n Miami Herald: "Here’s how the new Marlins money man made his fortune" by Rene Rodriguez August 11, 2017
  2. ^ a b New York Times: "WEDDINGS; Cynthia Kahn, Bruce Sherman July 11, 1999
  3. ^ a b New York Times: "Sylvia Sherman - Obituary" December 30, 2012
  4. ^ a b New York Times: "In a Big Bet on Newspapers, a Shy Investor Makes News" by Gearldine Fabrikant" December 8, 2005
  5. ^ a b Jon D. Markman (November 29, 2002). "Lessons From the Man Who Sells to Buffett". TheStreet.com.
  6. ^ Los Angeles Times: "Buffett to Acquire Dairy Queen Chain for $585 Million" October 22, 1997
  7. ^ Financial Planning Magazine: "Legg Mason Acquires Private Capital Management" Lori Pizzani May 30, 2001
  8. ^ Crain's New York: "Buffett’s Berkshire Hathaway to buy Garan - Deal values maker of Garanimals at $270 million" July 2, 2002
  9. ^ CNN Money: "Berkshire Hathaway offers $19 a share, or about $2.1B, for Shaw Industries" September 6, 2000
  10. ^ CNN Money: "Berkshire buys all of Shaw - Buffett's holding company acquires remaining stake in the carpet maker" January 21, 2002
  11. ^ New York Times: "What-Ifs of a Media Eclipse" by Katharine Q. Seely August 27, 2006
  12. ^ Fortune: "Bear Stearns investors: Who lost big: Bruce Sherman" retrieved August 13, 2017
  13. ^ New York Post: "Marlins will be sold to Derek Jeter’s group" by Josh Kosman, Ken Davidoff and Dan Martin August 11, 2017
  14. ^ The Sherman Prize retrieved August 13, 2017
  15. ^ "Urology FUNRaiser Benefit Raises More Than $1 Million". NYU Langone Medical Center. September 28, 2016.
  16. ^ a b Sun Sentinel: "Children honor mothers at Book of Hope" by Marci Shatzman March11, 2015
  17. ^ Sherman Prize: "2016 Sherman Prize Event - Randi Stanley" retrieved August 19, 2017
  18. ^ Sherman Prize: "2016 Sherman Prize Event - Lori Shaer" retrieved August 19, 2017