Bruce S. Sherman (born May 1948) is an American businessman and co-founder of the wealth-management firm Private Capital Management
Early life
Sherman was raised in a middle-class neighborhood in Queens, New York, the son of Sylvia and Michael Sherman.
His mother was a school teacher in New York public schools.
[ The New York Times: "Sylvia Sherman - Obituary" December 30, 2012] He has two brothers, Peter and Joel.
He graduated with a B.A. from the University of Rhode Island and received a M.B.A. from
Baruch College.
After college, he worked for the accounting firm
Arthur Andersen. At the age of 29, Sherman was recruited by an executive search firm to be chief financial officer for a company owned by the
Barron Collier.
[ The New York Times: "In a Big Bet on Newspapers, a Shy Investor Makes News" by Gearldine Fabrikant" December 8, 2005]
Career
In 1985, he co-founded the wealth-management firm Private Capital Management (PCM) whose initial client was the Collier family.
PCM expanded its customer base to include government agencies, colleges and universities.
The firm grew to $4.4 billion in assets under management in 1999.
In 1997, PCM sold International Dairy Queen (1997) to investor
Warren Buffett for $585 million.
[ Los Angeles Times: "Buffett to Acquire Dairy Queen Chain for $585 Million" October 22, 1997] In 2001, he sold PCM to
Legg Mason for $1.4 billion.
[ Financial Planning Magazine: "Legg Mason Acquires Private Capital Management" Lori Pizzani May 30, 2001] 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.
[ 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] Over the years, some of his successes include investments in
Qualcomm Inc,
Apple Computer, International Game Technology,
Banknorth and Charter One Financial.
[ The New York Times: "What-Ifs of a Media Eclipse" by Katharine Q. Seely August 27, 2006] By 2005, PCM had $31 billion in assets.
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).
Sherman retired in 2009 stating "I am very proud of my investment career over 23 years, especially the first 22 years."
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.
Philanthropy
Sherman and his wife support various charities including the Naples Winter Wine Festival which benefits the Naples Children and Education Fund.
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).
[ The Sherman Prize retrieved August 13, 2017] The Shermans endowed the Bruce and Cynthia Sherman Professorship of Urology Research and Innovation at New York University.
His wife is a founder of the Holocaust Museum of Southwest Florida in Naples.
Personal life
In 1999, he married Cynthia Kahn in
Manhattan.
He has two daughters from a previous marriage to Marlene Bluestein.
[ Sun Sentinel: "Children honor mothers at Book of Hope" by Marci Shatzman March 11, 2015]
