Michael Lee-Chin made a fortune investing in financial companies like National Commercial Bank Jamaica and AIC Limited. Michael Lee Chin credits his success to intellectual frameworks he developed as a youth. If he believed in something, hed put the money behind it., Once, when AIC was struggling, Wellum was approached by Royal Bank of Canada for a job. Its past and current investments cover a wide range of industries, showcasing Lee-Chins diverse business interests. High interest rates and rising vacancies are sending tremors through the sector, S&P 500 is treating recession probabilities as a flip of a coin, You have enough to retire if you are comfortable with your situation, expert says, Canadas debt position isnt so enviable after all, The electric mobility paradigm needs to be recognized for what it has been: a technical and fiscal flop, 365 Bloor Street East, Toronto, Ontario, M4W 3L4. Lee-Chin served as chancellor of Wilfrid Laurier University. This, Miss Marisa Coulton, is investing.). At the time, the company had holdings of around C$800,000. He believed then and still does that it is better to invest in a single business you understand, than many businesses you dont. But eventually, some people took a chance on him. 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. The company would go on to grow from $800,000 in holdings in 1983 to more than We are active on social media including Facebook, Instagram, YouTube, Twitter, and TikTok. In October 2006, Lee-Chin resigned as CEO of AIC and was replaced by Jonathan Wellum, AICs chief investment officer and fund manager. His $500,000 turned into $3.5 million, giving rise to his lifelong mantra: buy, hold, and prosper. He also owns a residence in Jamaica. This caused investments to grow from US$8 million in 1990 to nearly US$8 billion by 1998. The majority of his wealth comes from his shares in the National Commercial Bank Jamaica. Subscribe now to read the latest news in your city and across Canada. The Lee-Chin Institute's purpose is to help current and future business leaders integrate corporate citizenship into business strategy and practices. In 2005, two investment product managers offering structured products joined the Portland Holdings portfolio, Copernican Capital Corporation has offered retail investment products, primarily sold by brokers, and has raised more than C$800 million, in 10 closed end funds since its launch. Over the course of four years, his investments appreciated sevenfold, climbing from $1 to $7 per share. He tries not to check his phone, but gives the screen a cursory glance to see if there are any emergencies at Portland Holdings. In 2007, Lee-Chin donated $1 million to the Toronto General & Western Hospital Foundation to support the creation of the Michael Lee-Chin and Family Short Stay Unit. The company had As he continues to grow his investment empire and engage in charitable work, Lee-Chin remains an influential figure in both the business and philanthropic worlds. They separated in 1997 and are now divorced. At the time, the company had holdings of around C$800,000. Because both of us are so passionately committed to Jamaica, it hurts.. He worked briefly for the Jamaican government as a civil engineer on the Mandela Highway. Following his acquisition of AIC, Lee-Chin set out to develop the Berkshire group of companies, which is comprised of investment planning, a securities dealership and an insurance services operation. He also joined the Presidential Advisory Council Since 1987, Lee-Chin has been president and chairman of Portland Holdings, a private investment company. Please try again. Lee-Chin said he wrote, Mr. The Hyacinth Gloria Chen Crystal Court at the Royal Ontario Museum in Canada has also been named in her honour. Hyacinth Chen soon found work at a grocer as a teen in Port Antonio with her adoptive brother, but ended up losing that job when she became pregnant with her first of eight biological children, Michael. $2.5 billion, according to our most recent tally. He is also the executive chairman of AIC Ltd. We have estimated Entrepreneur of the Year in the Services Category, Ernst & Young (1996), International Humanitarian Award, American Friends of Jamaica (2004), Outstanding Philanthropist of the Year, Association of Fundraising Professionals (2005), Honorary Doctor of Laws, Northern Caribbean University (2007), Lifetime Achievement Award, Canadian Youth Business Foundation (2008), Honorary Doctor of Laws, The University of the West Indies (2008), Luminary Award, The University of the West Indies (2011), Distinguished Alumni Award for the Arts, McMaster University (2011), Lifetime Achievement Award, Association of Chinese Canadian Entrepreneurs (2013). Currently Lee-Chin is eyeing other prospective investment . Unlimited online access to articles from across Canada with one account. Lee-Chin has come a long way from humble beginnings in Port Antonio, Jamaica. In 2005, he co-founded Columbus International Inc. Lee-Chin The mother of billionaire businessman Michael Lee-Chin and chairman of the Southern Regional Health Authority and CEO of the Super Plus Food Store, Wayne Chen, passed on Saturday, January 8, at the age of 89. In 2007, Manulife acquired Berkshire from Portland Holdings in exchange for shares, making Portland one of the largest shareholders of Manulife. So, I did what any university student would do, he said. Opinion: Were deeper in debt than Ottawa lets on. 20 following. He invested in ITM Isotope Technologies Munich SE, a biotechnology group of precision oncology companies working on perfecting techniques such as peptide receptor radionuclide therapy, a cancer treatment where patients are injected with a cell-targeting protein, combined with radioactive material a radiopeptide. In 1970, Lee-Chin travelled to Canada to study civil engineering at McMaster University in Hamilton, Ontario. Jamaica, a captivating island nation in the Caribbean, is renowned for its vibrant culture, beautiful beaches, and lush tropical landscapes. He had no interest in diversifying his assets, a bread-and-butter strategy that many portfolio managers follow. Letters were sent to all 350,000 investors, explaining the strategy. In 2003, he made headlines when he pledged to donate $30 million to the Royal Ontario Museum (ROM) of which a third had been paid as of 2015. The pair officially separated in 1997 and are now divorced. Read more about cookies here. 122 posts. Lee-Chin married Vera Lee-Chin, a Ukranian Canadian he met at university, in 1974. He worked there for two years and then moved on to become regional manager of Regal Capital Planners. Jamaicas unique blend of natural beauty and vibrant cultural heritage make it a must-visit destination for travelers seeking a truly unforgettable experience. Lee-Chin is Canadas only Black billionaire, and just one of 15 Black billionaires worldwide. 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. In 1974, he married Vera Lee-Chin, a Ukrainian Canadian whom he had met at university. [10], Lee-Chin was born in Port Antonio, Jamaica, in 1951 to Aston Lee and Hyacinth Gloria Chen. 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. Michael Lee-Chin (@michaelleechin) Instagram photos and videos Access articles from across Canada with one account. [40], Again, this strategy has meant that AIC has significantly underperformed the S&P index, but Lee-Chin stated in 2006 that he believed that the current boom is just another bubble. He met Lee-Chin in the weight room at McMaster University, where they were both alumni. Michael Lee-Chin Biography, Age, Height, Wife, Net Worth, Family This Billionaire Taught Me the Secret to Wealth | Inc.com But, in a matter of weeks, everything had changed. He studied some of the wealthiest people in the world, including Warren Buffett, and found that self-made millionaires and billionaires had a few things in common. Michael Lee-Chin's income source is mostly from being a successful Chairman. Famous Billionaire Gets a New Stunning 377-Foot - autoevolution He one of the Richest Chairman who was born in Jamaica. Follow. Several environmental groups say the FAAs approval of SpaceXs Starship program failed to address the ecological problems caused by its rocket launches, including one that exploded in dramatic fashion last month. [22], In addition to being the founder and Chairman of Portland Holdings Inc., Mr. Lee-Chin is chairman and director of Mandeville Holdings Inc. and Executive Chairman, CEO, and Portfolio Manager of Portland Investment Counsel Inc.[23][24]. Similar to the experience of the late 1990s, Lee-Chin again has shied away from investing in commodities and the energy market boom. Hes got all the potential in the world, director of player personnel Matt Groh said afterward. Hyacinth later met and married husband Vincent, and the two moved to Priory, St Ann, for a short stint before moving to Mandeville permanently, where they continued their entrepreneurial activities. 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. If you don't see it, please check your junk folder. He switched careers and became a mutual fund salesman. Chen is also the mother of Wayne Chen, the chairman of the Southern Regional Health Authority. In 2000 and 2001, following the dotcom crash, AIC outperformed the market with 26 per cent growth and 4 per cent decline respectively. Billionaire Michael Lee-Chin shares his wealth creation secrets When the technique cured his friend of colon cancer, Lee-Chin was sold. The Lee-Chin Institute's purpose is to help current and future business leaders integrate corporate citizenship into business strategy and practices. However, the Ontario Securities Commission (OSC) did find that over the 1999-2003 period, AIC permitted specific third party investors to engage in market timing trades in AIC Funds that generated profits of $127 million.