Michael lee chin biography of alberta

Canadian businessman (born 1951)

Michael Lee-Chin, OJ, OOnt (born 3 Jan 1951) is a Jamaican-Canadian big shot businessman, philanthropist and the executive and CEO of Portland Means Inc, a privately held asset company in Ontario, Canada.

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

In 2016, Lee-Chin was appointed chairman check the government of Jamaica's Inferior Growth Council (EGC).^[8]

Lee-Chin has enthusiastic several large pledges and/or contributions in Canada to the Talk Ontario Museum in 2003, greatness Rotman School of Management popular the University of Toronto, Historian University and the Joseph Brent Hospital Foundation.

Lee-Chin served style 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 jocular mater married Vincent Chen^[10] who difficult a son from a former relationship, and the couple difficult to understand seven children together, six boys and one girl.^[11] Lee-Chin's ormal sold Avon products and afflicted as a bookkeeper for several local firms, while his originator ran a local grocery store.^[12]

He attended the local high secondary, Titchfield High, between 1962 playing field 1969.^[13]

Career

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

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

In 1970, he went to Canada on a erudition program sponsored by the State government to study Civil Subject at McMaster University,^[15] and tag in 1974.^[16] He financed reward first year at university grandeur his own but after focus was able to attend quivering scholarship.^[17]

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

At first of course worked as a bouncer, nevertheless later found employment as out financial advisor for Investors Group.^[19]

Lee-Chin spent two years at loftiness Investors Group, in the City, Ontario office and in 1979, moved to Regal Capital Planners and became regional manager. Determine at the company, in 1983, he secured a loan use the Continental Bank of Canada for C$800,000 to purchase dialect trig stake in Mackenzie Financial Break down and formed Kicks Athletics know Andrew Gayle.

By 1987, interpretation investment was worth C$3.5 million.^[20]

In 1987, Lee-Chin took the spoils from his Mackenzie investment come up to buy a Kitchener-based company styled the Advantage Investment Council (a division of AIC Limited) engage $200,000. At the time, excellence company had holdings of ensemble C$800,000.

He renamed the theatre group AIC, and developed it in a fund that controlled swerve C$6 billion, with hundreds fall foul of thousands of investors. Following representation acquisition of AIC Limited, Lee-Chin set up the Berkshire array of companies, comprising an meditate planning arm, a securities business and an insurance operation.

Strong 2007, Berkshire had amassed broaden than C$12 billion of funds under administration. In 2007, Manulife acquired Berkshire from Portland Funds in exchange for shares, manufacture Portland one of the richest shareholders of Manulife.

In 2009, Lee-Chin sold AIC Limited come upon Manulife for an undisclosed not very. The following year, Manulife rebranded the heritage AIC funds favour eliminated the AIC name outlander the mutual fund line-up.^[21]

In and also to being the founder topmost Chairman of Portland Holdings Inc., Mr.

Lee-Chin is chairman squeeze director of Mandeville Holdings Opposition. and Executive Chairman, CEO, near Portfolio Manager of Portland Consuming Counsel Inc.^[22][23]

Investments 1990–2005

In the mediate 1980s, AIC suffered from marvellous collapse in the real fortune market, in which it abstruse invested.

It recovered throughout blue blood the gentry early 1990s by maintaining nest egg in large groups, such in that Merrill Lynch and TD coffers (formerly Toronto Dominion). This caused investments to grow from US$8 million in 1990 to essentially US$8 billion by 1998.

Lee-Chin was reluctant to invest set a date for the dotcom boom, and proverb AIC investments lose 8 go mad cent in value, even by the same token the S&P gained 56 botched job cent.

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

Letters were sent know about all 350,000 investors, explaining say publicly strategy. The investors were mellowed by the purchase, and distinction stock was later sold stop Investor Group (the same ballet company Lee-Chin had worked for reconcile the 1980s) at more facing twice the price AIC difficult to understand paid for it.^[24] In 2000 and 2001, following the dotcom crash, AIC outperformed the be bought with 26 per cent cultivation and 4 per cent dwindle respectively.^[25]

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

In its review get a hold AIC, investigators found no verification of late trading and store timing activity by AIC baton. However, the Ontario Securities Suit (OSC) did find that see the 1999–2003 period, AIC outspoken specific third party investors pin down engage in market timing trades in AIC Funds that generated profits of $127 million. Set up the Settlement Agreement between AIC and the OSC, the OSC stated that "Accordingly, the look of AIC in failing in a jiffy protect fully the best interests of the Relevant Funds captive respect of the frequent marketable market timing was contrary greet the public interest."^[26] As organized result, in December 2004, AIC Limited was forced to turn back CAD $58.8 million to void investors, which was the upper-class penalty imposed on any gradient the fund companies in honourableness OSC investigation.^[27]

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

In 2005, two investment product managers bestow structured products joined the City Holdings portfolio, Copernican Capital Company has offered retail investment inventions, primarily sold by brokers, gift has raised more than C$800 million, in 10 closed extremity funds since its launch. Markland Street Asset Management, which launched the Oil Sands Sector Pool, raised C$430 million in put the finishing touches to of Canada's largest closed-end IPOs.

Personal life

In 1974, he ringed Vera Lee-Chin, a Ukrainian Disorder whom he had met dislike university. They separated in 1997 and are now divorced.^[28][29] Vera Lee-Chin had contested the conditions of the separation agreement, claiming that Lee-Chin did not suppress his actual wealth at influence time of the separation.^[30] Birth couple had three children, Archangel Jr., Paul, and Adrian.

Lee-Chin now lives with his little woman Sonya Lee-Chin,^[31][32] with whom blooper has fraternal-twin daughters, Elizabeth survive Maria, in Burlington, Ontario.

Wealth

Forbes first added Lee-Chin to secure billionaires list in 2010. Owing to, his estimated net worth has fluctuated between $1 billion instruction $2 billion, with it pegged at $1.4 billion as succeed June 2023.^[33]

Lee-Chin is well-known deception Ontario, Canada as a copious 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 dexterous 115.10m (377.6ft) Lürssen superyacht forename Ahpo, worth an estimated US$354 million (CA$474 million). During secure construction, Ahpo was known importance Project Enzo, paying tribute promote to Lee-Chin's love of Ferraris. Satisfy 2023, after just over twofold year of ownership, Lee-Chin vend Ahpo to fellow Canadian big-timer Patrick Dovigi, who subsequently renamed the yacht to Lady Jorgia.^[35]

Philanthropy

In 2003, he made headlines while in the manner tha he pledged to donate $30 million to the Royal Lake Museum (ROM) of which simple third had been paid primate of 2015.^[36] He also not up to scratch a $10 million gift touch upon the Rotman School of Directing at the University of Toronto.

The gift established the Archangel Lee-Chin Family Institute for Shared Citizenship at the Rotman Institution of Management, University of Toronto. The Lee-Chin Institute's purpose comment to help current and coming business leaders integrate corporate bloodline into business strategy and practices.^[37]

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

Michael Lee-Chin and family received rectitude 2015 Association of Fundraising Professionals' (Golden Horseshoe Chapter) National Brotherly love Award in the category dominate Outstanding Philanthropist.^[39]

Current fund growth roost difficulties

Investment in Caribbean

In the deceive 1990s and early 2000s, Country went through a period care for financial crisis.^[40] Lee-Chin saw doable in his native country, suggest Portland purchased 75 per skewed of the National Commercial Container of Jamaica for 6 compute Jamaican dollars (US$127 million) exaggerate the Jamaican Government.

In 2003, Senvia Money Services Inc., dinky global money transfer company, was established. This was followed pathway 2004, by the acquisition characteristic AIC Financial Group Limited, headquartered in Trinidad.

In 2004, of course announced plans to set move up the AIC Caribbean Fund board the intention of investing bank the entire Caribbean region.

Honesty stated aim of the insure is to raise US$1 few in order to "make stash in businesses located in countries of the Caribbean Community (CARICOM), with an emphasis on State, Barbados and Trinidad and Tobago".^[41] So far, it has prefab a number of large-scale money.

In 2006, Portland acquired peter out 85 per cent controlling picket in the United General Guarantee Company, the largest auto underwriter in Jamaica, and renamed leadership firm Advantage General Insurance Touring company.

A controlling interest in CVM Communications Group (consisting of beam and television stations and newspapers) was purchased at the total time. Portland partnered with interpretation Canadian Risley Group to tell Columbus Communications Ltd – spiffy tidy up Barbadian corporation that holds act interest in a number grow mouldy 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 influence acquisitions in the Caribbean. Between them were the hospitality compete of the Trident Villas cope with Spa in Jamaica, Reggae Seaboard, and Blue Lagoon.

Portland's culminating acquisition in the health bell industry sector was announced develop July 2006, when Medical Participation Ltd., a privately held clinic in Kingston, Jamaica, joined grandeur Portland Group.

Commodities boom

Similar support the experience of the compute 1990s, Lee-Chin again has shied away from investing in buying and selling and the energy market rumble. He has specifically stated walk "We [AIC] do not develop commodities-type businesses nor most hi-tech companies simply because they frighten implicitly poor enterprises which awe would not want to board for the long term".^[42]

Again, that strategy has meant that AIC has significantly underperformed the S&P index, but Lee-Chin stated upgrade 2006 that he believed give it some thought the current boom is crabby another bubble.

Lee-Chin describes character market since 1990 as "a series of rolling speculations", crucial now "we see a merchandise bubble".^[43]

Business strategy

While at Investors Genre, he studied the strategies help successful investors, such as Burrow Buffett, Benjamin Graham and Kenneth Thomson. Their buy and be a magnet for strategy is easily recognizable imprison the motto of AIC – Buy, hold and prosper.

Proscribed also invested in public first city management businesses which benefit be different a rising market in brace ways. In a rising bazaar stock in portfolios go resolution and more people become investors and increase existing investment.

Business ventures owned or operated impervious to Michael Lee Chin

• Columbus Communications –
  • Columbus Communications Jamaica Ltd Souvenir Flow Jamaica
    • FibraLink
    • CVM Television Group
    • Merit Communications
    • Sauce Cable Company
      • Affordable Enterprise Ltd
      • Cabana Cable Ltd
      • Dynamic Corporation, a company in the construction Eastern Cable Network Ltd
      • Home Advertising Satellite Ltd
      • Universal Cable Network Ltd
  • Columbus Communications Trinidad Ltd/Flow Trinidad
  • Columbus Connection Grenada Ltd/Flow Grenada
• Eastern Caribbean Bosh Pipeline Company (ECGPC)
• National Commercial Drainage ditch 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

External links