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. Investors moved US$224 million out of AIC's flagship "Advantage Mutual Fund". Current Prime Minister Andrew Holness appointed Lee-Chin to serve as chair of Jamaicas Economic Growth Council. The 8 Richest and Most Influential People from Jamaica Michael Lee-Chin's $300 million superyacht is a floating five star Opinion: Were deeper in debt than Ottawa lets on. A member of the RJRGLEANER Communications Group. Because both of us are so passionately committed to Jamaica, it hurts.. 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. He is the founder and Chairman of Portland Holdings Inc., a privately held investment company which owns a collection of diversified operating . Michael Lee-Chin's income source is mostly from being a successful Chairman. The stated aim of the fund is to raise US$1 billion in order to "make investments in businesses located in countries of the Caribbean Community (CARICOM), with an emphasis on Jamaica, Barbados and Trinidad and Tobago". The government of Jamaica took notice. 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. Its the one business venture Lee-Chin hasnt been able to see to fruition. Jamaican-Canadian entrepreneur Michael Lee-Chin is on the list, given an entirely self-made fortune of $1.9 billion. Billionaire Michael Lee-Chin shares his wealth creation secrets (AIC) was very, very small, but the seeds were there, Wellum said. His $500,000 turned into $3.5 million, giving rise to his lifelong mantra: buy, hold, and prosper. In 2009SuperYachtFanin its current format was published online and soon the focus changed from yacht photos toyacht owners, creating theSuper Yacht Owners Register. Undeterred with young Michael as a baby, she eventually got back another job at the Sang Hing Supermarket in Port Antonio. The couple have three children: Michael Jr., Paul and Adrian. We realize the most organic search traffic of all known yachting websites. He was like, Jonathan, there are opportunities there.. We encountered an issue signing you up. Over the course of more than 100 day-long meetings, Lee-Chin flew to the island to brainstorm with stakeholders from all walks of life farmers, civil servants, construction workers about how to expedite Jamaicas development. He is known for his philanthropic contributions to the Royal Ontario Museum, the Joseph Brant Hospital, the University of Toronto, McMaster University and more. Get email updates from your favourite authors. Lee-Chin served as chancellor of Wilfrid Laurier University. [18], After graduating from McMaster, Lee-Chin worked briefly as a road engineer for the Jamaican government,[19] He renamed the company AIC, and developed it to a fund that controlled around C$6 billion, with hundreds of thousands of investors. 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. 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. One of the first black billionaires on the Forbes list, he once cleaned engine rooms on a cruise ship and now his 378 feet yacht has an IMAX cinema, a duplex owner's suite, and two helipads. In the car, the managers clung to their briefcases, looking glum. Lee-Chin used the bank as a tool to promote growth in the country, arranging for all profits from the bank to be kept on the island. Jamaican-Canadian billionaire businessman and philanthropist Michael Lee-Chin, who ranks as one of the world's wealthiest black billionaires, has put his luxurious mansion on Grand Cayman's Seven-Mile Beach up for sale for $35 million. There was an error, please provide a valid email address. Lee-Chin married Vera Lee-Chin, a Ukranian Canadian he met at university, in 1974. 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. Powered by high-performanceMTUengines, AHPO boasts atop speed of 20 knotsand a comfortable cruising speed of 12 knots. Lee-Chin worked briefly as a road engineer for the Jamaican government. Our reporting is copied and/or used by many international media companies. Thanks for contributing to The Canadian Encyclopedia. In another story that she would tell me years later, when Hurricane Charlie came in 1952, she walked with her shoes in her hand because it was the only good pair of shoes she owned, through the rain, to make sure Mike [Michael] was OK, Chen revealed as he chronicled a story of triumph over trials. In 2014, Lee-Chin donated $10 million to Joseph Brant Hospital in Burlington, 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. In 2003, Lee-Chin grabbed national headlines when he pledged $30 million to the Royal Ontario Museums Renaissance ROM Campaign. It didnt blow up. With an asking price of 330 million, rumors are swirling that AHPO has recently changed hands. 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. This site is for entertainment purposes only. He asked for equity in the company, and it offered him a role on the advisory board instead. Nothing about Michael Lee-Chin is ordinary. These include the Agusta AW139 C-GNCA and the Sikorsky S92 C-FUND. Michael Lee-Chin and Sonya Hamilton Lee-Chin. If this all blows up, we had one heck of a good time, he said. Unlimited online access to articles from across Canada with one account. Sign up for The Gleaners morning and evening newsletters. Adrian Lee-Chin, Paul Lee-Chin, Elizabeth Lee-Chin, Maria Lee-Chin, Michael Lee-Chin Jr. Also, in 1974, he married Vera Lee-Chin, a Ukrainian Canadian whom he had met at university. Markland Street Asset Management, which launched the Oil Sands Sector Fund, raised C$430 million in one of Canada's largest closed-end IPOs. Visit our Community Guidelines for more information and details on how to adjust your email settings. Support local journalists and the next generation of journalists. Later, he studied civil engineering and business economics, eventually starting his financial career as an advisor for an investment company. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. The next year, he got a summer job working on the Jamaica Queen cruise ship, cleaning the engine room. Lee-Chin's company and Medical Associates locked in legal battle over 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. Opinion: Do electric cars ever emerge from policy intensive care? The Globe and Mail ran an article predicting even more investors to leave the fund, meaning that they would run out of cash and be forced to sell its core holdings. A database with more than 1,450 yacht owners. In 2007, Manulife acquired Berkshire from Portland Holdings in exchange for shares, making Portland one of the largest shareholders of Manulife. The couple had seven more children together: six boys and one girl. In 2004, he announced plans to set up the AIC Caribbean Fund with the intention of investing in the entire Caribbean region. Lee-Chins criteria for a great investment opportunity. separated in 1997 and are now divorced. In 2003, Senvia Money Services Inc., a global money transfer company, was established. Lee-Chin served as chancellor of Wilfrid Laurier University. The jet is capable of flying non-stop for over 6,000 nautical miles, making it ideal for long-distance travel. "I thought to myself - this must mean something," said Michael at a press . On 5 October 2006, Lee-Chin announced his resignation as CEO of AIC, to be replaced by Jonathan Wellum, AIC's chief investment officer. Michael Lee-Chin - Black Entrepreneur & Executives Profiles You create wealth by doing today, what people will be doing tomorrow., Email: mcoulton@postmedia.com | Twitter: marisacoulton. "[27] As a result, in December 2004, AIC Limited was forced to return CAD $58.8 million to affected investors, which was the largest penalty imposed on any of the fund companies in the OSC investigation.[28]. 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). Can The Math Game Help The Denver Nuggets Beat The Phoenix Suns? He was ranked number 20 (as of 2017), with a net worth of $3.95 billion. Lee-Chin donated $10 million to the University of Toronto. and acquired the Trident Hotel in Jamaica. But it was a tough time.. Over the course of four years, his investments appreciated sevenfold, climbing from $1 to $7 per share. 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. His wife is Vera Lee-Chin (m. 1974) Michael Lee-Chin Net Worth His net worth has been growing significantly in 2021-2022. By 2007, Berkshire had amassed more than C$12 billion of assets under administration. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. It also has a high cruising speed, allowing it to cover large distances quickly and efficiently. We ask you to keep your comments relevant and respectful. I will accept only if you find me some shares! he said, sticking to his long-held beliefs about the merits of stock ownership. [35], In September 2014, Lee-Chin and his family donated $10 million to the Joseph Brant Hospital Foundation. Lee-Chin saw potential in his native country, and Portland purchased 75 per cent of the National Commercial Bank of Jamaica for 6 billion Jamaican dollars (US$127 million) from the Jamaican Government. If I had made that change then I wouldnt have worked with one of the most dynamic businesspeople there is., Wellum said he witnessed Lee-Chins optimism falter only once, when he sold AIC to Manulife in 2009, amid the financial crisis. When Lee-Chin was aged seven, his mother married Vincent Chen. He lives with his wife Sonya Hamilton in this large mansion in Ontario, and a residence in Jamaica. She always felt no matter what was happening, no matter how dark the cloud, there is always a silver lining, he added. In September 2014, Lee-Chin and his family donated $10 million to the Joseph Brant Hospital Foundation. [38] Similar to the experience of the late 1990s, Lee-Chin again has shied away from investing in commodities and the energy market boom. Portland partnered with the Canadian Risley Group to form Columbus Communications Ltd a Barbadian corporation that holds controlling interest in a number of telecommunications providers in the Caribbean including Cable Bahamas Ltd, Caribbean Crossings Ltd, Merit Communications Ltd, and FibralLink Jamaica Ltd. Lee-Chin is president and chairman of Portland Holdings, a private investment company. He loved the business, we all did, Wellum said. A controlling interest in CVM Communications Group (consisting of radio and television stations and newspapers) was purchased at the same time. 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). By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Lee-Chin acquired a minority stake in the company. 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. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. 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. His philanthropic acts include his $30 million donation to the Royal Ontario Museum and many other charitable acts in Jamaica. He is also the executive chairman of AIC Ltd. Wayne confirmed the news in a tweet on Saturday before other well-known Jamaicans started reacting, including Minister of Entertainment and Culture Olivia 'Babsy' Grange. But mom wouldnt want us to talk about her business success, business acumen or entrepreneurial skills. Wellum agreed, and would go on to work with Lee-Chin for 19 years. He is a self-made man and made his money through a combination of successful investments and entrepreneurship. Three decades and many investments later, Lee-Chin is worth some $1.9 billion, according to Forbes. Lee-Chin was appointed to the Order of Ontario in 2017. [34] He also provided a $10 million gift to the Rotman School of Management at the University of Toronto. But we guess that he owns more properties. Michael Lee-Chin made a fortune investing in financial companies like National Commercial Bank Jamaica and AIC Limited. In its review of AIC, investigators found no evidence of late trading and market timing activity by AIC staff. Lee-Chin said he wrote, Mr. Michael Lee-Chin was born 3 January 1951 in Port Antonio, Jamaica. Canada's best source for investing news, analysis, and insight on investment strategies, stocks and more. Michael Lee-Chin, OJ , OOnt (born 3 January 1951), is a Jamaican-Canadian billionaire businessman, and philanthropist and the chairman and CEO of Portland Holdings Inc, a privately held investment company in Ontario, Canada. Get exclusive access to the National Post ePaper, an electronic replica of the print edition that you can share, download and comment on. Jamaican Michael Lee-Chin on Forbes 2021 Billionaire's List Create an account or sign in to continue with your reading experience. The Hyacinth Gloria Chen Crystal Court at the Royal Ontario Museum in Canada has also been named in her honour. While at Investors Group, he studied the strategies of successful investors, such as Warren Buffett, Benjamin Graham and Kenneth Thomson. That was a low point in my life, he said, because when youre not working, and youre trying to get a job, and you get rejected, it kills your self-esteem.. According to Canadian Business magazine, Lee-Chin has an estimated net worth of more than $3.95 billion (as of 2017) and was ranked the 20th wealthiest Canadian. He set off for McMaster University in Hamilton, Ont., to study civil engineering with $2,000 in his pocket, enough for the first year, and no plans on how to pay for the rest of it. He met Lee-Chin in the weight room at McMaster University, where they were both alumni. 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. Business mogul Michael Lee-Chin. Jamaicas unique blend of natural beauty and vibrant cultural heritage make it a must-visit destination for travelers seeking a truly unforgettable experience. 88 Michael Lee Chin Premium High Res Photos - Getty Images She would want her greatest achievement, her family, to love each other and live in harmony, because love is the greatest legacy that she could have.. A welcome email is on its way. The next year, he got a summer job working on the Jamaica Queen cruise ship, cleaning the engine room. The couple had three children, Michael Jr., Paul, and Adrian. It had been a remarkable run. He switched careers and became a mutual fund salesman. We recommend you to check the complete list of Famous People born on 3 January. The following year, Manulife rebranded the heritage AIC funds and eliminated the AIC name from the mutual fund line-up. In 1965, Lee-Chin's first job came working as part of the landscaping team at the Frenchman's Cove Hotel. Share your thoughts and join the conversation in the comments. 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. [36], Michael Lee-Chin and family received the 2015 Association of Fundraising Professionals' (Golden Horseshoe Chapter) National Philanthropy Award in the category of Outstanding Philanthropist.[37]. [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]. ', Regarding inflation, he said, If all these micro, macro situations were pertinent to wealth creation, the wealthiest people in the world would be the economists., (Wealthy people) dont manage their business based on inflation, deflation. 88 Michael Lee Chin Photos and Premium High Res Pictures - Getty Images Video Editorial FILTERS CREATIVE EDITORIAL VIDEO 88 Michael Lee Chin Premium High Res Photos Browse 88 michael lee chin photos and images available, or start a new search to explore more photos and images. They had ridden the wave of the booming wealth management industry so well that they had increased the value of assets under management to nearly $10 billion by 1998 from $12 million at the start of the decade. The radiopeptide binds to neuroendocrine cancer cells and zaps the tumour with radiation. but unable to find work in his qualified field (and allegedly, because his Canadian wife did not like living in Jamaica), he returned to Canada where he began graduate studies in business. 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. Jamaica's Michael Lee-Chin ranked at 12 on the list of 15 black billionaires named by Forbes for 2022 with US$1.6 billion in net worth. Jamaica, a captivating island nation in the Caribbean, is renowned for its vibrant culture, beautiful beaches, and lush tropical landscapes. Michael Lee-Chin is best known as a business magnate, investor, and philanthropist. He tries not to check his phone, but gives the screen a cursory glance to see if there are any emergencies at Portland Holdings. Markland Street Asset Management, which launched the Oil Sands Sector Fund, raised C$430 million in one of Canada's largest closed-end IPOs. 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. Michael Lee-Chin - Wikipedia The Japanese talent has enjoyed a breakthrough season, leaving Real Madrid and his club Real Sociedad with a strategic business decision to make. 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. Investors moved US$224 million out of AIC's flagship "Advantage Mutual Fund". As he and other members of the baby boom cohort approach retirement, Lee-Chin expects there will be a spike in interest in health. Kentucky Derby 2023: Post Positions And Morning Line Set, Forte Is The 3-1 Favorite Breaking From The 15-Hole, Elon Musk May Not Like It But Plug Power Plans Hydrogen-Fueled EV Charging Stations, The Intriguing Finances Surrounding $66 Million Takefusa KuboTracked By Real Madrid, ChatGPT Is Michael Jordan, But In Medicine The Supporting Cast Will Be Key, The Top 10 Richest Women In The World 2023, The World's 15 Youngest Billionaires 2023, Billionaires 2023: The Top 10 Richest People In The World, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. The two made plans for the family to relocate to the United States in the late 1970s, but the couple had a change of heart because son Wayne was a university student and had expressed a desire to remain in Jamaica. Michael Lee-Chin, businessman, investor and philanthropist (born 3 January 1951 in Port Antonio, Jamaica). Enjoy insights and behind-the-scenes analysis from our award-winning journalists. They parted in 1991, and officially separated (though did not divorce) in 1997. Michael Lee-Chin Chairman of Portland Holdings Director National Commercial Bank Jamaica LTD. The company is now the most profitable business in the country with cumulative profits of US$2.2 billion from 2004 to September 2021. It has a value of $300 million. So, how much is Michael Lee-Chin worth at the age of 72 years old? Lee-Chin graduated in 1974 with a bachelors degree in civil engineering and returned to Jamaica. 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. As a teenager, Lee-Chin worked landscaping at a hotel, then got a gig cleaning the engine room on the Jamaica Queen cruise ship. Michael Lee-Chin (1951- ) - BlackPast.org In 2009, Lee-Chin sold AIC Limited to Manulife for an undisclosed amount. Bachelor of Arts/Science, McMaster University. Lee-Chin saw potential in his native country, and Portland purchased 75 per cent of the National Commercial Bank of Jamaica for 6 billion Jamaican dollars (US$127 million) from the Jamaican Government. He loves to help people, said Wellum. What started as a yacht spotter hobby, turned into a fast-growing yachting site with thousands of unique daily visitors. Lee-Chin's mother sold Avon products and worked as a bookkeeper for various local firms, while his stepfather ran a local grocery store. Lee-Chin and his family have made several sizeable donations. 2023 Forbes Media LLC. Lee-Chin was appointed to the Order of Ontario in 2017. Currently Lee-Chin is eyeing other prospective investment . He also owns a residence in Jamaica. They tended to own a few high-quality businesses in strong, long-term growth industries. When I worked with him, people would say, Michael is a hard-nosed businessman, just because he was successful, he said. Lee . That was his baby., As Lee-Chins wealth increased, so too did his desire to give back, said Wellum. Discover Michael Lee-Chin's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Lee-Chin bounced between jobs at a cruise line and aluminum bauxite plant, until he applied to universities in Canada. The sprawling Coconut Walk Private Estate boasts a stunning beachfront location and sits . In this article, we explore the life, achievements, and philanthropic efforts of this Jamaican-Canadian investor and founder of Portland Holdings. As Wellum announced the sale to the staff of around 200, and encouraged them to congratulate Lee-Chin, Lee-Chin stood off to the side, a pained look on his face. He purchased Jamaicas National Commercial Bank in 2002, a move his investor friends questioned. work for the government upon graduation. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. So, how much is Michael Lee-Chin worth at the age of 70 years of age. His mother sold Avon products and worked as a bookkeeper, while his stepfather ran a local grocery store. [17] Business ventures owned or operated by Michael Lee Chin, Americas Region Caribbean Optical-ring System, https://ca.linkedin.com/in/michael-lee-chin-768853102, "Michael Lee-Chin - Private Capital Markets Association of Canada", "Michael Lee-Chin joins the ITM Supervisory Board", "Michael Lee-Chin | The Canadian Encyclopedia", https://twitter.com/michael_leechin/status/900005580148006912, "The 2017 Appointees to the Order of Ontario", "Michael Lee Chin heads JA's Economic Growth Council Caribbean News", "Michael Lee-Chin appointed chancellor of Wilfrid Laurier University Communications, Public Affairs & Marketing", "Can a Billionaire Be Nice? 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. Our team will be reviewing your submission and get back to you with any further questions. Continue with Recommended Cookies. Please send us amessage. By 1987, the investment was worth C$3.5 million. Portland Holdings is an investment company based in Ontario, Canada. He has specifically stated that "We [AIC] do not like commodities-type businesses nor most high-tech companies simply because they are implicitly poor enterprises which we would not want to hold for the long term". In November 2003, AIC was part of a regulatory investigation involving 105 Canadian mutual funds companies. In 1977, Lee-Chin became a financial advisor for Investors Group in Hamilton. In the Settlement Agreement between AIC and the OSC, the OSC stated that "Accordingly, the conduct of AIC in failing to protect fully the best interests of the Relevant Funds in respect of the frequent trading market timing was contrary to the public interest."
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