Michael Lee-Chin’s profile picture

Michael Lee-Chin

Michael Lee-Chin’s profile picture
Net worth 2018: $1.19 Billion
Industry: Other
Country: Canada
BirthDay: 3 January 1951
Sigh: Aquarius
Children: 5
Education: Bachelor of Arts / Science, McMaster University
BIOGRAPHY

Michael Lee-Chin was bornon 3 January 1951 in Canada. Native Jamaican sold Canadian wealth management and mutual fund business AIC to Manulife last year. Originally acquired AIC mutual funds in 1987. Owns Columbus Communications, Barbados media company that sells broadband to Central and South American countries. Also owns stakes in National Commercial Bank Jamaica and Total Finance in Trinidad & Tobago. Personal real estate portfolio includes 250 acres of beachfront property in Ocho Rios, Jamaica and homes in Canada and Florida.

NET WORTH STATISTIC
2010

$1 Billion

2018

$1.19 Billion

TIMELINE
2016

In 2016 Michael Lee-Chin was appointed chairman of the government of Jamaica’s Economic Growth Council (EGC)Lee-Chin has made several large pledges and/or donations in Canada to the Royal Ontario Museum in 2003, the Rotman School of Management at the University of Toronto, McMaster University and the Joseph Brant Hospital Foundation

2015

Michael Lee-Chin and family received the 2015 Association of Fundraising Professionals’ (Golden Horseshoe Chapter) National Philanthropy Award in the category of Outstanding PhilanthropistIn the late 1990s and early 2000s, Jamaica went through a period of financial crisis

2014

ca/lee-chininstitute)In September 2014, Lee-Chin and his family donated $10 million to the Joseph Brant Hospital Foundation

2009

In 2009, Lee-Chin sold AIC Limited to Manulife for an undisclosed amount

2007

In 2007, Manulife acquired Berkshire from Portland Holdings in exchange for shares, making Portland one of the largest shareholders of Manulife

2006

Portland's first acquisition in the health care industry sector was announced in July 2006, when Medical Associates Ltd

2005

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

2004

In 2004, he announced plans to set up the AIC Caribbean Fund with the intention of investing in the entire Caribbean region

2003

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

2000

In 2000 and 2001, following the dotcom crash, AIC outperformed the market with 26 per cent growth and 4 per cent decline respectively

1999

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

1991

They parted in 1991, and officially separated (though did not divorce) in 1997

1990

Lee-Chin describes the market since 1990 as "a series of rolling speculations", and now "we see a commodities bubble"

1987

In 1987, Lee-Chin took the proceeds from his Mackenzie investment to buy a Kitchener-based company called the Advantage Investment Council (a division of AIC Limited) for $200,000

1983

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

1980

The investors were calmed by the purchase, and the stock was later sold to Investor Group (the same company Lee-Chin had worked for in the 1980s) at more than twice the price AIC had paid for it

1979

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

1974

In 1974, he married Vera Lee-Chin, a Ukrainian Canadian whom he had met at university

1970

In 1970, he went to Canada on a scholarship program sponsored by the Jamaican government to study Civil Engineering at McMaster University, and graduated in 1974

1965

In 1965, Lee-Chin's first job came working as part of the landscaping team at the Frenchman's Cove Hotel

1962

He attended the local high school, Titchfield High, between 1962 and 1969

1951

Michael Lee-Chin was born in Port Antonio, Jamaica, in 1951 to Aston Lee and Hyacinth Gloria Chen

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