Bruce Sherman
Bruce Sherman | |
|---|---|
| Born | 1948 (age 75–76) |
| 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 |
| Spouses |
Cynthia Kahn (m. 1999) |
| 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 the Miami Marlins of Major League Baseball.
Early life
Sherman was raised in a middle-class neighborhood in Queens, 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 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. At the age of 29, Sherman was recruited by an executive search firm to be chief financial officer for a company owned by the Collier family.[4]
Career
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), 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, which included former professional sports players Michael Jordan and Derek Jeter, that made a $1.2 billion bid to purchase the Miami Marlins from Jeffrey Loria.[1]
Philanthropy
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).[13][1] The Shermans endowed the Bruce and Cynthia Sherman Professorship of Urology Research and Innovation at New York University.[14] His wife is a founder of the Holocaust Museum of Southwest Florida in Naples.[4]
Personal life
In 1999, he married Cynthia Kahn in Manhattan.[2] He has two daughters from a previous marriage to Marlene Bluestein.[1][15]
References
- ^ a b c d e f g h i j k l m n Rodriguez, Rene (August 11, 2017). "Here's how the new Marlins money man made his fortune". The Miami Herald.
- ^ a b "Weddings – Cynthia Kahn, Bruce Sherman". The New York Times. July 11, 1999.
Cynthia Leigh Kahn and Bruce Stephen Sherman were married last evening by Cantor Robert Abelson at the Pierre in New York.
- ^ a b The New York Times: "Sylvia Sherman - Obituary" December 30, 2012
- ^ a b The New York Times: "In a Big Bet on Newspapers, a Shy Investor Makes News" by Gearldine Fabrikant" December 8, 2005
- ^ a b Jon D. Markman (November 29, 2002). "Lessons From the Man Who Sells to Buffett". TheStreet.com.
- ^ Los Angeles Times: "Buffett to Acquire Dairy Queen Chain for $585 Million" October 22, 1997
- ^ Financial Planning Magazine: "Legg Mason Acquires Private Capital Management" Lori Pizzani May 30, 2001
- ^ Crain's New York: "Buffett’s Berkshire Hathaway to buy Garan - Deal values maker of Garanimals at $270 million" July 2, 2002
- ^ CNN Money: "Berkshire Hathaway offers $19 a share, or about $2.1B, for Shaw Industries" September 6, 2000
- ^ CNN Money: "Berkshire buys all of Shaw - Buffett's holding company acquires remaining stake in the carpet maker" January 21, 2002
- ^ The New York Times: "What-Ifs of a Media Eclipse" by Katharine Q. Seely August 27, 2006
- ^ "Bear Stearns investors: Who lost big: Bruce Sherman". Fortune. Retrieved August 13, 2017.
- ^ The Sherman Prize retrieved August 13, 2017
- ^ "Urology FUNRaiser Benefit Raises More Than $1 Million". NYU Langone Medical Center. September 28, 2016.
- ^ Sun Sentinel: "Children honor mothers at Book of Hope" by Marci Shatzman March 11, 2015