Bruce Sherman

Bruce Stephen Sherman

• School University of Rhode Island, Baruch College

• Born 1948

Biographical Information

Bruce Sherman grew up in Queens, NY. After obtaining his MBA, he founded a wealth management firm, Private Capital Management in 1985. The firm grew to include institutional and corporate clients in addition to private individuals, and by 2005 was managing over $31 billion in assets. However, the firm made some bad investments, including in the newspaper industry and in the investment bank Bear Stearns, which was a victim of the 2008 financial crisis, diminishing its value significantly by the time of Sherman's retirement in 2009.

He emerged in 2017 as the principal figure of a group that made a bid of $1.2 billion to purchase the Miami Marlins from Jeffrey Loria. While Sherman was the main source of funds, his contribution amounting to 46% of the group's capital, the most prominent figure was former player Derek Jeter, who was also to act as the team's new Chief Executive Officer. Former NBA superstar and erstwhile minor league player Michael Jordan was also a minority owner. The sale was approved by Major League Baseball owners on September 27th of that year. He had a personal connection to the area through a residence in Naples, FL and the fact that the main clients of PCM were Florida-based. Early indications were that he would be a low-profile owner, letting front-man Derek Jeter take the brunt of the criticism for the new group's early moves, including conducting a veritable fire sale of star players and getting rid of a quartet of long-time employees considered iconic of the franchise's past successesin Jeff Conine, Andrew Dawson, Jack McKeon and Tony Perez.