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. Lee-Chin acquired a minority stake in the company. Investors moved US$224 million out of AIC's flagship "Advantage Mutual Fund". The pair officially separated in 1997 and are now divorced. Discover Michael Lee-Chin's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. His wife is Vera Lee-Chin (m. 1974) Michael Lee-Chin Net Worth His net worth has been growing significantly in 2021-2022. Myriad factors, the COVID-19 pandemic included, slowed Jamaicas growth. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. So, how much is Michael Lee-Chin worth at the age of 70 years of age. In November 2003, AIC was part of a regulatory investigation involving 105 Canadian mutual funds companies. In 2001, he donated $5 million to his alma mater, McMaster University. His philanthropic acts include his $30 million donation to the Royal Ontario Museum and many other charitable acts in Jamaica. 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). In 2008, her son Michael established the Hyacinth Chen School of Nursing at Northern Caribbean Universitys main campus in Manchester, in her honour. His mother sold Avon products and worked as a bookkeeper, while his stepfather ran a local grocery store. Its unfinished, said Maureen Denton, executive director of the council between 2016 and 2017. [34] He also provided a $10 million gift to the Rotman School of Management at the University of Toronto. Follow. In 1966, he started a job cleaning the engine room on the Jamaica Queen cruise ship. 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. 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 2014, Lee-Chin donated $10 million to Joseph Brant Hospital in Burlington, 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. [31] The couple had three children, Michael Jr., Paul, and Adrian. Portland Holdings is an investment company based in Ontario, Canada. Lee-Chins journey began in Jamaica, where he worked in landscaping at a local hotel at the age of 14. The radiopeptide binds to neuroendocrine cancer cells and zaps the tumour with radiation. 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. Access articles from across Canada with one account. 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. She always felt no matter what was happening, no matter how dark the cloud, there is always a silver lining, he added. Lee-Chin had split from his wife Vera in 1990, after 16 years of marriage. Support local journalists and the next generation of journalists. Held at the Ritz-Carlton in Toronto, March 19, 2014 Hon. Although initially referred to as ENZO, the yachts actual name is AHPO, which could be an abbreviation for Grandma.. This caused investments to grow from US$8 million in 1990 to nearly US$8 billion by 1998. 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.. Lee-Chin was appointed to the Order of Ontario in 2017. [38] 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. Arsenal, England's only previous winners of the UEFA Women's Champions League, reached their first final in sixteen years by defeating German champions and two-time winners, VfL Wolfsburg before a British record attendance of 60,063 at the Emirates Stadium. And I thought, You know what? 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. - Luxurylaunches Transport June 20, 2022 Lee-Chins criteria for a great investment opportunity. Seriously. In the late 1980s, AIC suffered from a collapse in the real estate market, in which it had invested. But unfortunately, she was not allowed to start her secondary education, as her adoptive mother indicated that it was a waste of money to educate a girl in the 1940s, with the culture of traditional gender roles playing a heavy hand. Because both of us are so passionately committed to Jamaica, it hurts.. Lee-Chin said he wrote, Mr. Please do send us a message. Its becoming increasingly clear that the chatbots solo brilliance will need the right supporting cast as Jordan famously referred to teammates to achieve its transformational potential in medicine. 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. '50% correction': Why Canada's office real estate sector is heading for a reckoning, David Rosenberg: Which assets have priced in a recession and which ones haven't. The couple had seven more children together: six boys and one girl. We recommend you to check the complete list of Famous People born on 3 January. He is the founder and Chairman of Portland Holdings Inc., a privately held investment company which owns a collection of diversified operating . In 2006, Portland acquired an 85 per cent controlling stake in the United General Insurance Company, the largest auto insurer in Jamaica, and renamed the firm Advantage General Insurance Company. 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. 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. We ask you to keep your comments relevant and respectful. We apologize, but this video has failed to load. A legal battle is under way between business mogul Michael Lee-Chin-led AIC Barbados Limited and Medical Associates Limited over a million worth of shares that were to be transferred to the Caribbean company under a multimillion-dollar loan agreement but were reportedly not delivered. At 72 years old, Michael Lee-Chin height not available right now. He is a member of famous Chairman with the age 72 years old group. Chairman, National Commercial Bank of Jamaica. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. We have enabled email notificationsyou will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. He also joined the Presidential Advisory Council 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. Lee-Chin was appointed to the Order of Ontario in 2017. 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. Michael Lee-Chin's income source is mostly from being a successful Chairman. Lee-Chin suspected buyers were wary of the tall, Black kid on their doorstep. 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. Their buy and hold strategy is easily recognizable in the motto of AIC Buy, hold and prosper. The couple have three children: Michael Jr., Paul and Adrian. [25] In 2000 and 2001, following the dotcom crash, AIC outperformed the market with 26 per cent growth and 4 per cent decline respectively. Jamaican-Canadian Michael Lee-Chin was listed as one of the richest people in Canada and, together with Robert L. Johnson, was one of the first black billionaires to be listed by Forbes' in its . If this all blows up, we had one heck of a good time, he said. Learn How rich is He in this year and how He spends money? 'If this all blows up, we had one heck of a good time'. He remained in that position until 2016. In 2006, Portland acquired an 85 per cent controlling stake in the United General Insurance Company, the largest auto insurer in Jamaica, and renamed the firm Advantage General Insurance Company. 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". His wealth comes from his 60% stake in National Commercial Bank Jamaica. Columbus Communications Co-owned with John Risley, owner of the, National Commercial Bank of Jamaica (NCB). [18], After graduating from McMaster, Lee-Chin worked briefly as a road engineer for the Jamaican government,[19] They parted in 1991 and officially separated (though they did not divorce) in 1997. 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. The couple had three children (Michael Jr., Paul, and Adrian). 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. With a remarkable range of over 3,000 nautical miles, thissuperyachtis designed for extended journeys across the open seas, providing her guests with the ultimate luxury experience. An example of data being processed may be a unique identifier stored in a cookie. 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. The Bombardier Global Express is a large-cabin business jet manufactured by Bombardier Aerospace. 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. Michael Lee-Chin was born 3 January 1951 in Port Antonio, Jamaica. 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 worked briefly as a road engineer for the Jamaican government. We realize the most organic search traffic of all known yachting websites. Get exclusive access to the National Post ePaper, an electronic replica of the print edition that you can share, download and comment on. He purchased Jamaicas National Commercial Bank in 2002, a move his investor friends questioned. ', 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. 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. The jet is capable of flying non-stop for over 6,000 nautical miles, making it ideal for long-distance travel. They parted in 1991, and officially separated (though did not divorce) in 1997. In 2004, he announced plans to set up the AIC Caribbean Fund with the intention of investing in the entire Caribbean region. Michael Lee Chin credits his success to intellectual frameworks he developed as a youth. The SuperYachtFan team is active in Investigative journalism. 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. 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. 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. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. This site is for entertainment purposes only. Ms. Lee-Chin has since contested the terms of the separation agreement, claiming that Lee-Chin did not disclose his actual wealth at the time of the separation. for Economic Growth and Investment in Haiti in 2011. 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. 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. He worked there for two years and then moved on to become regional manager of Regal Capital Planners. 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. Lee-Chin and his family have made several sizeable donations. In 2005, he co-founded Columbus International Inc. Jamaicas lack of capital and ingrained inefficiencies make it the perfect place to invest, he said. He also owns a fleet of Agusta and Sikorsky helicopters. 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. So far, it has made a number of large-scale investments. [12] Lee-Chin's mother sold Avon products and worked as a bookkeeper for various local firms, while his stepfather ran a local grocery store. Subscribe now to read the latest news in your city and across Canada. Manage Settings FP Answers: Can I retire at the end of this year given the recent downturn in the markets? Unlimited online access to articles from across Canada with one account. Lee-Chin describes the market since 1990 as "a series of rolling speculations", and now "we see a commodities bubble". We were on a shoestring, Wellum said. 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. In 1974, he married Vera Lee-Chin, a Ukrainian Canadian whom he had met at university. Comments may take up to an hour for moderation before appearing on the site. Bachelor of Arts/Science, McMaster University. The native of Jamaica acquired AIC in 1987, when it had less than $1 million in assets under management. Lee-Chin got his degree, and then applied to 100 jobs in engineering, receiving 100 rejections. Create an account or sign in to continue with your reading experience. In 2016, Michael was appointed Chair of the Government of Jamaica's Economic Growth Council. He loved the business, we all did, Wellum said. The details about yacht ownership as stated on this site and in our Yacht Owners Register are sometimes based on rumors. Also, in 1974, he married Vera Lee-Chin, a Ukrainian Canadian whom he had met at university. 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. Also learn how He earned most of networth at the age of 72 years old? As he and other members of the baby boom cohort approach retirement, Lee-Chin expects there will be a spike in interest in health. Lee-Chin graduated in 1974 with a bachelors degree in civil engineering and returned to Jamaica. We have estimated He was ranked number 20 (as of 2017), with a net worth of $3.95 billion. Please do send us a message. To learn more visit www.portlandholdings.com. Letters were sent to all 350,000 investors, explaining the strategy. In 1987, he used the profits to acquire a small mutual fund investment Michael has received Doctor of Law degrees from a number of distinguished universities in Canada and Jamaica. Read more about cookies here. He met Lee-Chin in the weight room at McMaster University, where they were both alumni. [14], In 1965, Lee-Chin's first job came working as part of the landscaping team at the Frenchman's Cove Hotel. There was an error, please provide a valid email address. Chen is also the mother of Wayne Chen, the chairman of the Southern Regional Health Authority. It is also a popular tourist destination, attracting visitors with its laid-back atmosphere, delectable cuisine, and a range of adventure activities such as hiking, snorkeling, and zip-lining.
