Chen is also the mother of Wayne Chen, the chairman of the Southern Regional Health Authority. In 1977, Canada was not as cosmopolitan as it is today, he said. If you don't think so, Michael Lee-Chin may change your mind", "Titchfield Old Students' Association Newsletter & Events", "National Commercial Bank of Jamaica Board of Directors", "Michael Lee-Chin Every mickle makes a muckle The acquisition king", "Smart Money Capital Management Inc. and Mandeville Private Client Inc. Democratizing Wealth for Canadians", "Buy, hold, and prosper Cover Story investment strategies", "Settlement Agreement: In the Matter of AIC Limited", "Questions linger as investigation winds down", "Michael Lee-Chin | the Canadian Encyclopedia", "Crystal Myths: Behind the ROM's philanthropic faade", "John Risley And Michael Lee-Chin The Cable Guys", "Michael Lee-Chin shares inspiration for largest donation in Burlington's history", "Three Burlington philanthropists honoured", "IMF Concludes 2002 Article IV Consultation with Jamaica", "Lee Chin secures US$80m for Caribbean fund", "Messages the Writings of Michael Lee-Chin", "Lee-Chin sticks to his guns at AIC Advantage fund focuses on wealth management", "Billionaire Lee-Chin bullish on Bermuda | The Royal Gazette:Bermuda Business", Lee Chin secures US$80m for Caribbean fund, Michael Lee-Chin Family Institute for Corporate Citizenship, https://en.wikipedia.org/w/index.php?title=Michael_Lee-Chin&oldid=1147248372, Columbus Communications Jamaica Ltd / Flow Jamaica, Dynamic Corp, a company in the making Eastern Cable Network Ltd, Columbus Communications Trinidad Ltd/Flow Trinidad, Columbus Communications Grenada Ltd/Flow Grenada, Total Finance Bank of Trinidad & Tobago Ltd, This page was last edited on 29 March 2023, at 18:43. But there was pressure to do it, just to keep a strong financial position, Wellum said. The details about yacht ownership as stated on this site and in our Yacht Owners Register are sometimes based on rumors. But, a stock is a percentage ownership in the business, he said. Wealthy people, he noticed, hold these businesses for the long run, for as long as the business remains viable. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. work in his field, Lee-Chin returned to Canada. In October 1998, the stock market was crashing, but the portfolio managers at Burlington, Ont.-based AIC Ltd. were on the road as planned, travelling across Canada to convince clients that the funds they offered remained good investments, even though some of them had lost half their value. He tries not to check his phone, but gives the screen a cursory glance to see if there are any emergencies at Portland Holdings. When the technique cured his friend of colon cancer, Lee-Chin was sold. However, the Ontario Securities Commission (OSC) did find that over the 19992003 period, AIC permitted specific third party investors to engage in market timing trades in AIC Funds that generated profits of $127 million. A welcome email is on its way. Lee-Chin was born in Port Antonio, Jamaica, in 1951 to Aston Lee and Hyacinth Gloria Chen. Then in 2002, he opened Forbes magazine and saw his picture beside that of Granger Weston's brother Galen and his wife Hilary: Lee-Chin had made the famous Forbes' billionaire list. Lee-Chin got his degree, and then applied to 100 jobs in engineering, receiving 100 rejections. When Lee-Chin was aged seven, his mother married Vincent Chen. Current Prime Minister Andrew Holness appointed Lee-Chin to serve as chair of Jamaicas Economic Growth Council. He attended the local high school, Titchfield High, between 1962 and 1969. In 2002, Portland acquired 75 per cent interest in National Commercial Bank Jamaica Limited (NCB), and Lee-Chin became its executive chairman. He is known for his philanthropic contributions to the Royal Ontario Museum, the Joseph Brant Hospital, the University of Toronto, McMaster University and more. Lee-Chin graduated in 1974 with a bachelors degree in civil engineering and returned to Jamaica. I asked myself the question, Mike What is the highest value-add I can give to these people? The answer kept coming back to me, Mike, make them wealthy, he said. Michael Lee-Chin, is Chairman of Portland Holdings Inc., his Canadian based investments holding company. Lee-Chin was reluctant to invest in the dotcom boom, and saw AIC investments lose 8 per cent in value, even as the S&P gained 56 per cent. While at the company, in 1983, he secured a loan from the Continental Bank of Canada for C$500,000 to purchase a stake in Mackenzie Financial Group and formed Kicks Athletics with Andrew Gayle. His 115m (378ft) yacht AHPO was built at Lurssen in 2021. Lee-Chin spent two years at the Investors Group, in the Hamilton, Ontario office and in 1979, moved to Regal Capital Planners and became regional manager. We apologize, but this video has failed to load. He served as Chancellor of Wilfrid Laurier University from 2011-2016. Ontario. In October 2006, Lee-Chin resigned as CEO of AIC and was replaced by Jonathan Wellum, AICs chief investment officer and fund manager. Lee-Chin was appointed to the Order of Ontario in 2017, the provinces highest honour. [26], In November 2003, AIC was part of a regulatory investigation involving 105 Canadian mutual funds companies. As a teenager, Lee-Chin worked landscaping at a hotel, then got a gig cleaning the engine room on the Jamaica Queen cruise ship. In 2001, he donated $5 million to his alma mater, McMaster University. Married to Sonya Hamilton, Lee-Chin is the founder and Executive Chairman of Portland Holdings Inc., a privately held investment company based in Ontario, Canada. Canadian Business magazine named Lee-Chin one of the richest people in Canada. ANCASTER - Vera Lee-Chin, estranged wife of billionaire businessman Michael Lee-Chin, is scaling back plans for a 15,000-square-foot house the Niagara Escarpment Commission ruled too. He financed his first year at university on his own but after that was able to attend on scholarship. Undeterred with young Michael as a baby, she eventually got back another job at the Sang Hing Supermarket in Port Antonio. Comments may take up to an hour for moderation before appearing on the site. The radiopeptide binds to neuroendocrine cancer cells and zaps the tumour with radiation. When he was seven, Lee-Chins mother married Vincent Chen, who had a son from a previous relationship. Following the acquisition of AIC Limited, Lee-Chin set up the Berkshire group of companies, comprising an investment planning arm, a securities dealership and an insurance operation. Her father neglected his role. Lee-Chin bounced between jobs at a cruise line and aluminum bauxite plant, until he applied to universities in Canada. The Lee-Chin Institute's purpose is to help current and future business leaders integrate corporate citizenship into business strategy and practices. Donald Trumps real net worth? And about seven years ago, she went to court to get a larger settlement. He said he was stunned by Lee-Chins willingness to put his own money on the table. Discover Michael Lee-Chin's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Please do send us a message. The late matriarch of the Chen family, Hyacinth Gloria Chen, was praised for her resilience, entrepreneurial drive and a heart of love, as relatives paid tribute to her enduring legacy during a small thanksgiving ceremony at the St Paul of the Cross Cathedral, in Mandeville on Thursday. Both his parents were biracial African and Jamaican-Chinese. When Lee-Chin was aged seven, his mother married Vincent Chen[11] who had a son from a previous relationship, and the couple had seven children together, six boys and one girl. The Chens bought a supermarket in Mandeville in 1980 after taking a two-year hiatus from operating another outlet in Christiania that they had purchased in 1973. Several years ago, she refined what she believed and what she wanted to leave with us and this was something she collated into a few thoughts, Wayne stated. Access articles from across Canada with one account. Lee-Chin is also a dedicated philanthropist and has pledged and donated more than $60 million to hospitals, universities and, most notably, the Royal Ontario Museum, where the Michael Lee-Chin Crystal is named in honour of his $30-million pledge. He also invested in public investment management businesses which benefit from a rising market in two ways. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. In September 2014, Lee-Chin and his family donated $10 million to the Joseph Brant Hospital Foundation. [8], In 2016, Lee-Chin was appointed chairman of the government of Jamaica's Economic Growth Council (EGC). [18], After graduating from McMaster, Lee-Chin worked briefly as a road engineer for the Jamaican government,[19] His wife is Vera Lee-Chin (m. 1974) Michael Lee-Chin income His net worth has been growing significantly in 2021-2021. The following year, Manulife rebranded the heritage AIC funds and eliminated the AIC name from the mutual fund line-up. The company had He one of the Richest Chairman who was born in Jamaica. This was an instant success as many people around the world are interested in, or curious about, these multi-million dollar yachts and their wealthy owners. At first he worked as a bouncer, but later found employment as a financial advisor for Investors Group. He lives with his wife Sonya Hamilton in this large mansion in Ontario, and a residence in Jamaica. In 2008, her son Michael established the Hyacinth Chen School of Nursing at Northern Caribbean Universitys main campus in Manchester, in her honour. In this article, we explore the life, achievements, and philanthropic efforts of this Jamaican-Canadian investor and founder of Portland Holdings. This combination of range and speed makes the Global Express an ideal choice for executives and VIPs who need to travel quickly and comfortably to destinations around the world.As for the price of the Bombardier Global Express, it can range from $45 million to over $70 million, depending on the specific model and configuration. He received a scholarship from the Jamaican government to complete his studies and The gift established the Michael Lee-Chin Family Institute for Corporate Citizenship at the Rotman School of Management, University of Toronto. He is the founder and Chairman of Portland Holdings Inc., a privately held investment company which owns a collection of diversified operating . Full name: Michael Lee-Chin Nationality: Jamaican-Canadian Born: January 3, 1951 (age 70 years), Port Antonio, Jamaica Spouse: Vera Lee-Chin (m. 1974) Net worth: 1.6 billion USD (2021) Forbes Partner: Sonya Hamilton Wait For More.. Children: Adrian Lee-Chin, Paul Lee-Chin, Elizabeth Lee-Chin, Maria Lee-Chin, Michael Lee-Chin Jr. Reflects change since 5 pm ET of prior trading day. In 2003, Senvia Money Services Inc., a global money transfer company, was established. It didnt blow up. We are active on social media including Facebook, Instagram, YouTube, Twitter, and TikTok. The 2023 Kentucky Derby "pill pull" is done and dusted, and the morning line has been nailed to the floor. But the firm was hit hard by the 2008 recession, and Lee-Chin sold AIC to Canadian financial services group Manulife in 2009 for an undisclosed price. His wife is Vera Lee-Chin (m. 1974) Michael Lee-Chin Net Worth His net worth has been growing significantly in 2021-2022. The motto of Lee-Chins current company, Portland Holdings Inc., which manages US$20 billion in assets, is do well and do good. Lee-Chin donated $10 million to the University of Toronto, establishing the Michael Lee-Chin and Family Institute for Corporate Citizenship, which helps business leaders use their companies to encourage social change. While no official confirmation has been made, the sale would not be surprising given the yachts incredible features and specifications. He renamed the company AIC, and developed it to a fund that today controls around C$6 Billion, with hundreds of thousands of investors. The string of regional banking failures that doomed SVB, First Republic and Signature Bank is causing regulators to fundamentally rethink how the government insures bank accounts. Michael Lee-Chin, born on January 3, 1951, is a Jamaican-Canadian business magnate, investor, and philanthropist. Advantage Investment Council (AIC Limited) Purchased for $200k and developed into a $6 billion fund. Adrian Lee-Chin, Paul Lee-Chin, Elizabeth Lee-Chin, Maria Lee-Chin, Michael Lee-Chin Jr. Lee-Chin The native of Jamaica acquired AIC in 1987, when it had less than $1. Sign up for The Gleaners morning and evening newsletters. [25] In 2000 and 2001, following the dotcom crash, AIC outperformed the market with 26 per cent growth and 4 per cent decline respectively. While at Investors Group, he studied the strategies of successful investors, such as Warren Buffett, Benjamin Graham and Kenneth Thomson. Our team will be reviewing your submission and get back to you with any further questions. He was ranked number 20 (as of 2017), with a net worth of $3.95 billion. Lee-Chins criteria for a great investment opportunity. By 2007, Berkshire amassed more than C$12 billion of assets under administration. Lee-Chin has put much of his wealth toward the economic development of the Caribbean. Hes got all the potential in the world, director of player personnel Matt Groh said afterward. Lee-Chin's response was to sell stock in Coca-Cola, and invest US$65 million into Mackenzie Holdings (the same firm in which he had invested US$400,000 16 years previously). On the other hand where theres smoke, there is fire ;-). Our team works hard to provide accurate and engaging content for our readers, and we appreciate your support. This was an instant success as many people around the world are interested in, or curious about, these multi-million dollar yachts and their wealthy owners. He believed then and still does that it is better to invest in a single business you understand, than many businesses you dont. Michael Lee-Chin made a fortune investing in financial companies like National Commercial Bank Jamaica and AIC Limited. This caused investments to grow from US$8 million in 1990 to nearly US$8 billion by 1998. This, Miss Marisa Coulton, is investing.). Entrepreneur and Philanthropist. In 2011, he was appointed chancellor of Wilfrid Laurier University. Michael Lee-Chin (1951- ) September 30, 2014 contributed by: Maurice W. Dorsey. With thousands of daily visitors and a strong growth rate, The details about yacht ownership as stated on this site and in our Yacht Owners Register are, The content of this website and all associated media are subject to, Michael Jr Lee-Chin, Pau Lee-Chin, Adrian Lee-Chin, Elizabeth Lee-Chin and Maria Lee-Chin. The funds were used to establish the Michael Lee-Chin & Family Institute for Strategic Business Studies (formerly known as the AIC Institute for Strategic Business Studies) at the DeGroote School of Business. Michael Lee-Chin began his career as a road engineer with the Jamaican government, working his way up to his position as the chairman and founder of Portland Holdings, privately-held investment firm in Jamaica. Lee-Chins 5 common qualities of wealthy people, The bigger mistake he sees investors making, however, is that they dont understand the power of owning stocks. Manage Settings He is from Jamaica. Lee-Chin likes to invest in unlikely places that are perceived to be bad investments. Or credit a source? He worked there for two years and then moved on to become regional manager of Regal Capital Planners. So far, it has made a number of large-scale investments. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. Mr. Lee-Chin now lives with his wife Sonya Lee-Chin,[32][33] with whom he has fraternal-twin daughters, Elizabeth and Maria, in Burlington, Ontario. They manage their business by delivering a great product that has utility to society.. Portland's first acquisition in the health care industry sector was announced in July 2006, when Medical Associates Ltd., a privately held hospital in Kingston, Jamaica, joined the Portland Group. The island is famous for its reggae music, with legendary artists like Bob Marley and Peter Tosh having their roots in Jamaica. Years later, a consolidation of several family-own businesses allowed the family to head what was considered one of the largest retailers in Jamaica, Super Plus Foods. Pick No. Currently Lee-Chin is eyeing other prospective investment . The couple had three children (Michael Jr., Paul, and Adrian). Hes also associated with three publicly traded companies worth $1 billion or more, including NCB Financial Group Ltd., Telix Pharmaceuticals, and Guardian Holdings Ltd.

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