Bruce Sherman
From Wikipedia, the free encyclopedia
- University of Rhode Island (B.A.)
- Baruch College (MBA)
- Co-founder of Private Capital Management
- Owner of the Miami Marlins
Bruce Sherman | |
|---|---|
| Born | May 1948 (age 77) |
| Education |
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| Occupation | Businessman |
| Known for |
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| Spouses |
Cynthia Kahn (m. 1999) |
| Children | 2 |
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 (MLB).
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, Sherman 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] In 1997, PCM sold International Dairy Queen (1997) to investor Warren Buffett for $585 million.[5][6] The firm grew to $4.4 billion in assets under Sherman's management in 1999.[1]
In 2001, Sherman 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] This was reduced to $2.4 billion by 2009 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 purchased the Miami Marlins of Major League Baseball from Jeffrey Loria for $1.2 billion.[1] After disagreements about the team's direction, Jeter relinquished his 4% share of the team in February 2022.[13]. In 2026, the Sun Sentinel reported that Bruce Sherman’s net worth was approximately US$3 billion.[14] This puts him as the 10th wealthiest MLB team owner tied with Jim Crane of the Houston Astors and John Fisher of the Athletics.