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Reviews and recommendations are unbiased and products are independently selected. In 2007, Manulife acquired Berkshire from Portland Holdings in exchange for shares, making Portland one of the largest shareholders of Manulife. Michael Lee-Chin, born on January 3, 1951, is a Jamaican-Canadian business magnate, investor, and philanthropist. We realize the most organic search traffic of all known yachting websites. "[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]. Adrian Lee-Chin, Paul Lee-Chin, Elizabeth Lee-Chin, Maria Lee-Chin, Michael Lee-Chin Jr. Michael Lee-Chins income source is mostly from being a successful Chairman. $15 billion in assets under management in 2001. 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. April 18, 2023. Letters were sent to all 350,000 investors, explaining the strategy. The funds were used to establish the Michael Lee-Chin & Family Institute for Strategic Business Studies (formerly known as the AIC Institute for Strategic Business Studies) at the DeGroote School of Business. Please try again. , money, salary, income, and assets. Michael Lee-Chin Chairman of Portland Holdings Director National Commercial Bank Jamaica LTD. Letters were sent to all 350,000 investors, explaining the strategy. 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. Michael Lee-Chin Biography, Age, Height, Wife, Net Worth, Family He is also the executive chairman of AIC Ltd. 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. He believed then and still does that it is better to invest in a single business you understand, than many businesses you dont. If this all blows up, we had one heck of a good time, he said. (Luxury travels of the Billionaire Boys Club). His 115m (378ft) yacht AHPO was built at Lurssen in 2021. Michael Lee-Chin's income source is mostly from being a successful Chairman. We spend a lot of team researching and deeply investigating yacht ownership structures. 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 the late 1980s, AIC suffered from a collapse in the real estate market, in which it had invested. Despite these unfavourable early events in her life, Wayne said his mother, while under the care of her adoptive parents, was relocated to Kingston, where she sat the Common Entrance Exam and earned a place at Wolmers High School for Girls. [25] In 2000 and 2001, following the dotcom crash, AIC outperformed the market with 26 per cent growth and 4 per cent decline respectively. 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.. Lee-Chin attended Titchfield High School from 1962 to 1969. In 2003, Senvia Money Services Inc., a global money transfer company, was established. In 2004, he announced plans to set up the AIC Caribbean Fund with the intention of investing in the entire Caribbean region. But it was a tough time.. This was an instant success as many people around the world are interested in, or curious about, these multi-million dollar yachts and their wealthy owners. [26], In November 2003, AIC was part of a regulatory investigation involving 105 Canadian mutual funds companies. He switched careers and became a mutual fund salesman. In honour of his mother, Lee-Chin donated almost $4 million to Northern Caribbean In 2004, he pledged $10 million to the University of Toronto campaign that helped establish the Michael Lee-Chin Family Institute for Corporate Citizenship (formerly known as the AIC Institute for Corporate Citizenship) at the Rotman School of Management. 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. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Mandeville includes an investment dealer, a mutual fund and exempt market dealer and life insurance services. In 1983, he took out an investor loan of $500,000 to buy into the company whose funds he was selling: Mackenzie Investments. Share your thoughts and join the conversation in the comments. If Lee-Chin could grow a business, couldnt he do the same with a country? He received a scholarship from the Jamaican government to complete his studies and In October 2006, Lee-Chin resigned as CEO of AIC and was replaced by Jonathan Wellum, AICs chief investment officer and fund manager. Lee-Chin served as chancellor of Wilfrid Laurier University. The SuperYachtFan team is active in Investigative journalism. Michael Lee-Chin was born 3 January 1951 in Port Antonio, Jamaica. 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. The late matriarch of the Chen family, Hyacinth Gloria Chen, was praised for her resilience, entrepreneurial drive and a heart of love, as relatives paid tribute to her enduring legacy during a small thanksgiving ceremony at the St Paul of the Cross Cathedral, in Mandeville on Thursday. He also joined the Presidential Advisory Council 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. Even his style of philanthropy heralds a certain unceremonious swagger that contradicts nearly every element of the Canadian archetype. Lee-Chin married Vera Lee-Chin, a Ukranian Canadian he met at university, in 1974. The Richest Black Man in Jamaica ? Michael Lee-Chin In 2009SuperYachtFanin its current format was published online and soon the focus changed from yacht photos toyacht owners, creating theSuper Yacht Owners Register.