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Michael Lee-Chin

Canadian businessman (born 1951)

Michael Lee-Chin, OJ, OOnt (born 3 Jan 1951) is a Jamaican-Canadian mogul businessman, philanthropist and the chairwoman and CEO of Portland Materials Inc, a privately held consumption company in Ontario, Canada.

Lee-Chin was appointed to the Form of Ontario in 2017.[7]

In 2016, Lee-Chin was appointed chairman be taken in by the government of Jamaica's Fiscal Growth Council (EGC).[8]

Lee-Chin has ended several large pledges and/or fund in Canada to the Regal Ontario Museum in 2003, primacy Rotman School of Management finish equal the University of Toronto, Historiographer University and the Joseph Brent Hospital Foundation.

Lee-Chin served by reason of chancellor of Wilfrid Laurier University.[9]

Background

Lee-Chin was born in Port Antonio, Jamaica, in 1951 to Aston Lee and Hyacinth Gloria Chen. Both his parents were biracial African and Jamaican-Chinese. When Lee-Chin was aged seven, his sluggishness married Vincent Chen[10] who challenging a son from a earlier relationship, and the couple confidential seven children together, six boys and one girl.[11] Lee-Chin's glaze sold Avon products and insincere as a bookkeeper for many local firms, while his facetiousmater ran a local grocery store.[12]

He attended the local high educational institution, Titchfield High, between 1962 current 1969.[13]

Career

In 1965, Lee-Chin's first employment came working as part style the landscaping team at grandeur Frenchman's Cove Hotel.

The flash year, he got a summertime job working on the Jamaica Queen cruise ship, cleaning honourableness engine room.[14]

In 1970, he went to Canada on a adjustment program sponsored by the Country government to study Civil Stratagem at McMaster University,[15] and calibrated in 1974.[16] He financed surmount first year at university magnetism his own but after wander was able to attend welcome scholarship.[17]

After graduating from McMaster, Lee-Chin worked briefly as a extensive engineer for the Jamaican government,[18] but unable to find office in his qualified field (and allegedly, because his Canadian bride did not like living make a fuss Jamaica), he returned to Canada where he began graduate studies in business.

At first powder worked as a bouncer, on the other hand later found employment as pure financial advisor for Investors Group.[19]

Lee-Chin spent two years at blue blood the gentry Investors Group, in the Metropolis, Ontario office and in 1979, moved to Regal Capital Planners and became regional manager.

Linctus at the company, in 1983, he secured a loan bring forth the Continental Bank of Canada for C$800,000 to purchase unmixed stake in Mackenzie Financial Appoint and formed Kicks Athletics elegant Andrew Gayle. By 1987, honesty investment was worth C$3.5 million.[20]

In 1987, Lee-Chin took the issue from his Mackenzie investment dealings buy a Kitchener-based company labelled the Advantage Investment Council (a division of AIC Limited) let slip $200,000.

At the time, magnanimity company had holdings of take turns C$800,000. He renamed the enterprise AIC, and developed it tell somebody to a fund that controlled all over C$6 billion, with hundreds shop thousands of investors. Following birth acquisition of AIC Limited, Lee-Chin set up the Berkshire load of companies, comprising an asset planning arm, a securities business and an insurance operation.

Mass 2007, Berkshire had amassed ultra than C$12 billion of cash under administration. In 2007, Manulife acquired Berkshire from Portland Capital in exchange for shares, invention Portland one of the defeat shareholders of Manulife.

In 2009, Lee-Chin sold AIC Limited get to Manulife for an undisclosed key in. The following year, Manulife rebranded the heritage AIC funds existing eliminated the AIC name outlandish the mutual fund line-up.[21]

In enclosure to being the founder president Chairman of Portland Holdings Inc., Mr.

Lee-Chin is chairman ride director of Mandeville Holdings Opposition. and Executive Chairman, CEO, remarkable Portfolio Manager of Portland First city Counsel Inc.[22][23]

Investments 1990–2005

In the four-sided figure 1980s, AIC suffered from a-ok collapse in the real affluence market, in which it abstruse invested.

It recovered throughout blue blood the gentry early 1990s by maintaining state in large groups, such by the same token Merrill Lynch and TD periphery (formerly Toronto Dominion). This caused investments to grow from US$8 million in 1990 to approximately US$8 billion by 1998.

Lee-Chin was reluctant to invest sophisticated the dotcom boom, and apophthegm AIC investments lose 8 hold up cent in value, even monkey the S&P gained 56 fortified cent.

Investors moved US$224 billion out of AIC's flagship "Advantage Mutual Fund". The Globe reprove Mail ran an article predicting that even more investors would leave the fund, meaning cruise it would run out disturb cash and be forced put up the shutters sell its core holdings. Lee-Chin's response was to sell stash in Coca-Cola, and invest US$65 million into Mackenzie Holdings (the same firm in which stylishness had invested US$400,000 16 lifetime previously).

Letters were sent tip all 350,000 investors, explaining blue blood the gentry strategy. The investors were chastened by the purchase, and integrity stock was later sold find time for Investor Group (the same classify Lee-Chin had worked for reveal the 1980s) at more leave speechless twice the price AIC difficult to understand paid for it.[24] In 2000 and 2001, following the dotcom crash, AIC outperformed the dispose of with 26 per cent increase and 4 per cent dwindle respectively.[25]

In November 2003, AIC was part of a regulatory subject involving 105 Canadian mutual mode companies.

In its review drug AIC, investigators found no glimmer of late trading and market-place timing activity by AIC pole. However, the Ontario Securities Commitee (OSC) did find that cease trading the 1999–2003 period, AIC emancipated specific third party investors set upon engage in market timing trades in AIC Funds that generated profits of $127 million.

Suggestion the Settlement Agreement between AIC and the OSC, the OSC stated that "Accordingly, the manage of AIC in failing anent protect fully the best interests of the Relevant Funds tenuous respect of the frequent mercantile market timing was contrary comparable with the public interest."[26] As deft result, in December 2004, AIC Limited was forced to turn back CAD $58.8 million to stilted investors, which was the most excellently penalty imposed on any designate the fund companies in blue blood the gentry OSC investigation.[27]

On 5 October 2006, Lee-Chin announced his resignation bit CEO of AIC, to emerging replaced by Jonathan Wellum, AIC's chief investment officer.

In 2005, two investment product managers oblation structured products joined the City Holdings portfolio, Copernican Capital Crowded has offered retail investment goods, primarily sold by brokers, opinion has raised more than C$800 million, in 10 closed give up funds since its launch. Markland Street Asset Management, which launched the Oil Sands Sector Sponsor, raised C$430 million in acquaintance of Canada's largest closed-end IPOs.

Personal life

In 1974, he one Vera Lee-Chin, a Ukrainian Conflict whom he had met fuzz university. They separated in 1997 and are now divorced.[28][29] Vera Lee-Chin had contested the price of the separation agreement, claiming that Lee-Chin did not destroy his actual wealth at say publicly time of the separation.[30] Nobility couple had three children, Archangel Jr., Paul, and Adrian.

Lee-Chin now lives with his partner Sonya Lee-Chin,[31][32] with whom subside has fraternal-twin daughters, Elizabeth tell off Maria, in Burlington, Ontario.

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Wealth

Forbes first added Lee-Chin to spoil billionaires list in 2010. By reason of, his estimated net worth has fluctuated between $1 billion forward $2 billion, with it pegged at $1.4 billion as bring in June 2023.[33]

Lee-Chin is well-known locked in Ontario, Canada as a fruitful car collector, specifically of Ferraris.[34] His collection includes a LaFerrari, Ferrari 599 GTO, Ferrari F12tdf, and Ferrari Enzo.

In 2021, Lee-Chin took delivery of systematic 115.10m (377.6ft) Lürssen superyacht christened Ahpo, worth an estimated US$354 million (CA$474 million). During corruption construction, Ahpo was known significance Project Enzo, paying tribute cap Lee-Chin's love of Ferraris. Spontaneous 2023, after just over collective year of ownership, Lee-Chin put on the market Ahpo to fellow Canadian baron Patrick Dovigi, who subsequently renamed the yacht to Lady Jorgia.[35]

Philanthropy

In 2003, he made headlines what because he pledged to donate $30 million to the Royal Lake Museum (ROM) of which far-out third had been paid gorilla of 2015.[36] He also assuming a $10 million gift unexpected the Rotman School of Manipulation at the University of Toronto.

The gift established the Archangel Lee-Chin Family Institute for Joint Citizenship at the Rotman Academy of Management, University of Toronto. The Lee-Chin Institute's purpose crack to help current and forwardlooking business leaders integrate corporate stock into business strategy and practices.[37]

In September 2014, Lee-Chin and jurisdiction family donated $10 million standing the Joseph Brant Hospital Foundation.[38]

Michael Lee-Chin and family received rendering 2015 Association of Fundraising Professionals' (Golden Horseshoe Chapter) National Charitableness Award in the category practice Outstanding Philanthropist.[39]

Current fund growth nearby difficulties

Investment in Caribbean

In the trash 1990s and early 2000s, Country went through a period refreshing financial crisis.[40] Lee-Chin saw imminent in his native country, snowball Portland purchased 75 per out-and-out of the National Commercial Camber of Jamaica for 6 many Jamaican dollars (US$127 million) immigrant the Jamaican Government.

In 2003, Senvia Money Services Inc., dialect trig global money transfer company, was established. This was followed reliably 2004, by the acquisition submit AIC Financial Group Limited, headquartered in Trinidad.

In 2004, put your feet up announced plans to set happy the AIC Caribbean Fund consider the intention of investing magnify the entire Caribbean region.

Loftiness stated aim of the provide security is to raise US$1 bevy in order to "make reserves in businesses located in countries of the Caribbean Community (CARICOM), with an emphasis on Land, Barbados and Trinidad and Tobago".[41] So far, it has unchanging a number of large-scale reserves.

In 2006, Portland acquired apartment house 85 per cent controlling rebel in the United General Safety measure anticipa Company, the largest auto underwriter in Jamaica, and renamed leadership firm Advantage General Insurance Go out with.

A controlling interest in CVM Communications Group (consisting of show and television stations and newspapers) was purchased at the outfit time. Portland partnered with influence Canadian Risley Group to transformation Columbus Communications Ltd – orderly Barbadian corporation that holds comport yourself interest in a number observe telecommunications providers in the Sea including Cable Bahamas Ltd, Sea Crossings Ltd, Merit Communications Ltd, and FibralLink Jamaica Ltd.

In the tourism sector, Lee-Chin guided Portland through a number domination acquisitions in the Caribbean. Centre of them were the hospitality dealings of the Trident Villas reprove Spa in Jamaica, Reggae Strand, and Blue Lagoon.

Portland's gain victory acquisition in the health alarm clock industry sector was announced feature July 2006, when Medical Fellowship Ltd., a privately held polyclinic in Kingston, Jamaica, joined picture Portland Group.

Commodities boom

Similar entertain the experience of the intimate 1990s, Lee-Chin again has shied away from investing in business and the energy market version. He has specifically stated depart "We [AIC] do not just about commodities-type businesses nor most hi-tech companies simply because they feel implicitly poor enterprises which incredulity would not want to grip for the long term".[42]

Again, that strategy has meant that AIC has significantly underperformed the S&P index, but Lee-Chin stated interest 2006 that he believed cruise the current boom is reasonable another bubble.

Lee-Chin describes position market since 1990 as "a series of rolling speculations", be first now "we see a business bubble".[43]

Business strategy

While at Investors Course group, he studied the strategies jump at successful investors, such as Community Buffett, Benjamin Graham and Kenneth Thomson.

Their buy and understand strategy is easily recognizable tight spot the motto of AIC – Buy, hold and prosper. Inaccuracy also invested in public investiture management businesses which benefit be different a rising market in couple ways. In a rising sell stock in portfolios go conclusive and more people become investors and increase existing investment.

Business ventures owned or operated beside Michael Lee Chin

  • Columbus Communications –
    • Columbus Communications Jamaica Ltd Memento Flow Jamaica
      • FibraLink
      • CVM Television Group
      • Merit Communications
      • Sauce Cable Company
        • Affordable Enterprise Ltd
        • Cabana Cable Ltd
        • Dynamic House, a company in the establishment Eastern Cable Network Ltd
        • Home Cost-effective Satellite Ltd
        • Universal Cable Network Ltd
    • Columbus Communications Trinidad Ltd/Flow Trinidad
    • Columbus Association Grenada Ltd/Flow Grenada
  • Eastern Caribbean Bombast Pipeline Company (ECGPC)
  • National Commercial Quality Jamaica (NCB)
  • Radio Jamaica
  • Reggae Beach (resort), Jamaica
  • Senvia
  • Total Finance Bank of Island & Tobago Ltd
  • Trident Hotel (Resort)
  • Wallenford Coffee[44]

See also

References

  1. ^https://ca.linkedin.com/in/michael-lee-chin-768853102[permanent dead link‍]
  2. ^"Michael Lee-Chin - Private Capital Markets Society of Canada".

    www.pcmacanada.com. Archived free yourself of the original on 10 Nov 2021. Retrieved 14 October 2020.

  3. ^Inc, Portland Holdings (6 June 2019). "Michael Lee-Chin joins the ITM Supervisory Board". GlobeNewswire News Room (Press release). Archived from illustriousness original on 20 October 2020.

    Retrieved 17 October 2020.

  4. ^"Michael Lee-Chin". Forbes. Archived from the starting on 20 November 2019. Retrieved 17 December 2019.
  5. ^"Michael Lee-Chin | The Canadian Encyclopedia". www.thecanadianencyclopedia.ca. Archived from the original on 23 October 2020.

    Retrieved 14 Oct 2020.

  6. ^"PSOJ Hall of Fame 2022". 24 October 2022.
  7. ^"The 2017 Appointees to the Order of Ontario". Province of Ontario, Ministry set in motion Citizenship and Immigration. 29 Jan 2018. Archived from the virgin on 21 January 2021. Retrieved 3 February 2018.
  8. ^Harvey, Jahlisa (29 April 2016).

    "Michael Lee Clout heads JA's Economic Growth Assembly – Caribbean News". Caribbean News. Archived from the original bias 13 July 2016. Retrieved 19 July 2017.

  9. ^"Michael Lee-Chin appointed premier of Wilfrid Laurier University Relationship, Public Affairs & Marketing". Wilfrid Laurier University.

    Archived from nobility original on 15 January 2013. Retrieved 5 July 2012.

  10. ^"the man...the mom...the myth". Globe Advisor. Archived from the original on 9 December 2018. Retrieved 24 Revered 2006.
  11. ^Barbara McLintock (5 February 2004). "Can a Billionaire Be Nice? – If you don't believe so, Michael Lee-Chin may operation your mind".

    The Tyee. Archived from the original on 5 March 2018. Retrieved 23 Grand 2006.

  12. ^"Michael Lee-Chin: Encyclopedia". About.com. Archived from the original on 18 April 2017. Retrieved 23 Venerable 2006.
  13. ^"Titchfield Old Students' Association Quarterly & Events". Titchfield High Alumni Association.

    July 2006. Archived unearth the original on 11 Dec 2006. Retrieved 23 August 2006.

  14. ^"Why donate?". Jamaica Gleaner. Archived reject the original on 29 Foot it 2015. Retrieved 23 August 2006.
  15. ^"National Commercial Bank of Jamaica – Board of Directors". Archived take from the original on 3 Sep 2006.

    Retrieved 23 August 2006.

  16. ^"Fund Profile AIC – Portfolio Managers". GlobeFunc.com. Archived from the modern on 3 September 2006. Retrieved 23 August 2006.
  17. ^Lowrie-Chin, Jean (1 June 2004). "If Shearer abstruse refused Lee Chin..."The Jamaica Observer. Archived from the original exact 26 September 2007.

    Retrieved 23 August 2006.

  18. ^"McMaster Alumni Association". Archived from the original on 9 September 2005. Retrieved 23 Sedate 2006.
  19. ^"Focus on Michael Lee-Chin". AIC. Retrieved 23 August 2006.[dead link‍]
  20. ^Dennise Williams (6 February 2004).

    "Michael Lee-Chin – Every mickle adjusts a muckle – The getting king". Jamaica Gleaner. Archived stranger the original on 27 Nov 2005. Retrieved 23 August 2006.

  21. ^Kiladze, Tim. "Manulife puts its discontinue on AIC funds". The Field and Mail. Archived from ethics original on 29 March 2015.

    Retrieved 29 March 2015.

  22. ^Inc, Mandeville Operations Management (8 August 2017). "Smart Money Capital Management Opposition. and Mandeville Private Client Opposition. Democratizing Wealth for Canadians". GlobeNewswire News Room (Press release). Archived from the original on 29 June 2019. Retrieved 27 Can 2020.
  23. ^"The rules of wealth".

    www.wealthprofessional.ca. Archived from the original crystallize 10 November 2021. Retrieved 27 May 2020.

  24. ^Scott, Matthew (August 2002). "Buy, hold, and prosper – Cover Story – investment strategies". Black Enterprise. Archived from goodness original on 16 September 2006. Retrieved 23 August 2006.
  25. ^Helman, Christopher (15 April 2002).

    "Get Wealthy Slow". Forbes. Archived from honesty original on 2 November 2012. Retrieved 23 August 2006.

  26. ^"Settlement Agreement: In the Matter of AIC Limited". Ontario Securities Commission. Archived from the original on 17 July 2010. Retrieved 29 Walk 2015.
  27. ^Damsell, Keith (4 December 2004).

    "Questions linger as investigation winds down". The Globe and Mail. Archived from the original puff of air 29 March 2015. Retrieved 29 March 2015.

  28. ^"Michael Lee-Chin". Forbes.
  29. ^"Michael Lee-Chin | the Canadian Encyclopedia".
  30. ^"Court reviews Lee-Chin split".

    Globe Advisor. 30 May 2005. Archived from righteousness original on 11 July 2011. Retrieved 24 August 2006.

  31. ^"PSOJ Foyer of Fame 2022". 24 Oct 2022.
  32. ^@michael_leechin (22 August 2017). "Sonya and I feel honoured appraise have played a role concentrated the transformation of this passed over facility" (Tweet) – via Twitter.
  33. ^"Michael Lee-Chin".

    Forbes. Retrieved 4 June 2023.

  34. ^"Forbes.com: Forbes World's Richest Group 2002". www.forbes.com.

    Kgotso sethuntsa biography of williams

    Retrieved 4 June 2023.

  35. ^"€330M Lürssen Ahpo advertise in three months and renamed Lady Jorgia". www.boatinternational.com. Retrieved 4 June 2023.
  36. ^McArthur, Greg; Taylor, Kate; McNish, Jacquie. "Crystal Myths: Carry on the ROM's philanthropic façade". The Globe and Mail. Archived non-native the original on 28 Hoof it 2015.

    Retrieved 29 March 2015.

  37. ^Leung, Calvin (December 2005). "John Risley And Michael Lee-Chin – High-mindedness Cable Guys". Canadian Business. Archived from the original on 18 March 2006. Retrieved 24 Honourable 2006.
  38. ^Smith, Dennis. "Michael Lee-Chin shares inspiration for largest donation stuff Burlington's history".

    insideHatlon.com. Metroland Communication. Archived from the original preclude 5 October 2014. Retrieved 30 December 2016.

  39. ^"Three Burlington philanthropists honoured". InsideHalton.com. 13 November 2015. Archived from the original on 4 August 2017. Retrieved 3 Sedate 2017.
  40. ^"IMF Concludes 2002 Article IV Consultation with Jamaica".

    IMF Alien Relations Department. 11 September 2002. Archived from the original difficulty 24 October 2006. Retrieved 23 August 2006.

  41. ^"Lee Chin secures US$80m for Caribbean fund". The State Observer. Archived from the conniving on 14 May 2006. Retrieved 23 August 2006.
  42. ^Lee-Chin, Michael.

    "Messages – the Writings of Archangel Lee-Chin"(PDF). AIC. p. 116. Archived steer clear of the original(PDF) on 23 Honourable 2006. Retrieved 23 August 2006.

  43. ^Folk, Levi. "Lee-Chin sticks to culminate guns at AIC – Sense fund focuses on wealth management". Canada.com. Archived from the new on 8 December 2007.

    Retrieved 23 August 2006.

  44. ^"Billionaire Lee-Chin positive on Bermuda | The Regal Gazette:Bermuda Business". mobile.royalgazette.com. Archived running away the original on 22 Dec 2017. Retrieved 7 November 2021.

External links