A database with more than 1,450 yacht owners. Postmedia may earn an affiliate commission from purchases made through links on this page. We were on a shoestring, Wellum said. Michael Lee-Chin Facts for Kids This Billionaire Taught Me the Secret to Wealth | Inc.com Two from the Caribbean make Forbes 2022 billionaire list Michael Lee-Chin (1951- ) September 30, 2014 contributed by: Maurice W. Dorsey. In the late 1980s, AIC suffered from a collapse in the real estate market, in which it had invested. Full name: Michael Lee-Chin Nationality: Jamaican-Canadian Born: January 3, 1951 (age 70 years), Port Antonio, Jamaica Spouse: Vera Lee-Chin (m. 1974) Net worth: 1.6 billion USD (2021) Forbes Partner: Sonya Hamilton Wait For More.. Children: Adrian Lee-Chin, Paul Lee-Chin, Elizabeth Lee-Chin, Maria Lee-Chin, Michael Lee-Chin Jr. The New England Patriots stopped the slide of former LSU standout Kayshon Boutte in the sixth round of the 2023 NFL draft. I will accept only if you find me some shares! he said, sticking to his long-held beliefs about the merits of stock ownership. The following year, Manulife rebranded the heritage AIC funds and eliminated the AIC name from the mutual fund line-up. 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. (Photos by JetPhotos.com, Planespotters.net;flightaware.com;flickr.com;picssr.com;planefinder.net) Do you want us to remove a certain photo? 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. work in his field, Lee-Chin returned to Canada. Michael Lee-Chin's $300 million superyacht is a floating five star By 1987, the investment was worth C$3.5 million.[21]. But, in a matter of weeks, everything had changed. The company would go on to grow from $800,000 in holdings in 1983 to more than In the late 1980s, AIC suffered from a collapse in the real estate market, in which it had invested. Michael Lee-Chin (1951- ) - BlackPast.org When I asked whether this was the key to business success, he laughed and said, No, its just the secret to being nutritionally well-fed.. In recognition of his achievements and philanthropic efforts, Michael Lee-Chin has been awarded membership in the Order of Jamaica.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'superyachtfan_com-medrectangle-4','ezslot_9',696,'0','0'])};__ez_fad_position('div-gpt-ad-superyachtfan_com-medrectangle-4-0'); Michael Lee-Chins inspiring journey from modest beginnings to billionaire investor and philanthropist is a testament to hard work, perseverance, and vision. 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. 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. Michael Lee-Chin (@michaelleechin) Instagram photos and videos Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. , money, salary, income, and assets. Lee-Chin was born in Port Antonio, Jamaica, in 1951 to Aston Lee and Hyacinth Gloria Chen. 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 2003, Senvia Money Services Inc., a global money transfer company, was established. When the technique cured his friend of colon cancer, Lee-Chin was sold. While no official confirmation has been made, the sale would not be surprising given the yachts incredible features and specifications. Thats a big difference., He advises investors to take a businesslike stance and immerse themselves in a business, buying into it not simply because the stock is going up or down, but because they have identified it as a great business. Michael Lee-Chin, is Chairman of Portland Holdings Inc., his Canadian based investments holding company. [13], He attended the local high school, Titchfield High, between 1962 and 1969. Michael Lee-Chin, born on January 3, 1951, is a Jamaican-Canadian business magnate, investor, and philanthropist. The house that Vera Lee-Chin wants to build | TheSpec.com Some of our partners may process your data as a part of their legitimate business interest without asking for consent. In 2011, he was appointed chancellor of Wilfrid Laurier University. According to Forbes, Lee-Chin's real time net worth as of April 6, 2021, totaled $1.6 billion, which ranked him as Number 1,931 on the full list of the world's billionaires. He served as Chancellor of Wilfrid Laurier University from 2011-2016. Lee-Chin served as chancellor of Wilfrid Laurier University. [8] If you don't see it, please check your junk folder. He purchased Jamaicas National Commercial Bank in 2002, a move his investor friends questioned. After four years, the stock appreciated sevenfold. She said be honest, because your name and reputation is everything; be humble, be hardworking, make every day count, be helpful, look out for others and share what you have, never compromise your standards and, be hopeful. When Lee-Chin was aged seven, his mother married Vincent Chen[11] who had a son from a previous relationship, and the couple had seven children together, six boys and one girl. Investors moved US$224 million out of AIC's flagship "Advantage Mutual Fund". 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. grown to form a network of about 750 financial advisors in 250 Canadian branches. If Lee-Chin could grow a business, couldnt he do the same with a country? In 2016, Lee-Chin was appointed chairman of the government of Jamaica's Economic Growth Council (EGC), Michael Lee-Chin and family received the 2015 Association of Fundraising Professionals (Golden Horseshoe Chapter) National Philanthropy Award in the category of Outstanding Philanthropist. He is the founder and Chairman of Portland Holdings Inc., a privately held investment company which owns a collection of diversified operating . The Phoenix Suns are taking the smallest share of both three-pointers and shots at the rim among all NBA playoff teams, creating a math problem the Denver Nuggets may be able to continue exploiting, as they did in Game 1. In 1977, Canada was not as cosmopolitan as it is today, he said. With an asking price of 330 million, rumors are swirling that AHPO has recently changed hands. 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). He lives with his wife Sonya Hamilton in this large mansion in Ontario, and a residence in Jamaica. Share your thoughts and join the conversation in the comments. She always felt no matter what was happening, no matter how dark the cloud, there is always a silver lining, he added. Lee-Chin married Vera Lee-Chin, a Ukranian Canadian he met at university, in 1974. Lee-Chin was appointed to the Order of Ontario in 2017. Allow Necessary Cookies & Continue Three decades and many investments later, Lee-Chin is worth some $1.9 billion, according to Forbes. 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. waste management, tourism, agriculture and media. 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. 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. Lee-Chin acquired a minority stake in the company. Lee-Chin is Canadas only Black billionaire, and just one of 15 Black billionaires worldwide. He worked there for two years and then moved on to become regional manager of Regal Capital Planners. The Lee-Chin Institute's purpose is to help current and future business leaders integrate corporate citizenship into business strategy and practices. It was not achieved. He loves to help people, said Wellum. 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. Adrian Lee-Chin, Paul Lee-Chin, Elizabeth Lee-Chin, Maria Lee-Chin, Michael Lee-Chin Jr. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Portland Holdings is an investment company based in Ontario, Canada. Our reporting is copied and/or used by many international media companies. 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. Self-test kit users urged to report positive case, Second-generation Jamaican wins Florida House seat , Taxi operator gunned down in Green Island, Hanover, No reports of Jamaicans in regions of Sudan conflict Johnson Smith, Update | NWC aiming to resolve Fairy Hill water issues by tomorrow, Gov't requests probe of leak of discussions on UWI Mona principal appointment, Police probe double murder at People's Arcade in MoBay, Protesting residents mount roadblocks in Eastern Portland, Lecturer calls for mentorship to open girls eyes to possibilities in tech, Nuh Dutty Up Jamaica message not reaching citizens, activist fears, Applications open for JMMB Joan Duncan Foundation scholarships, Digital Archives: Online editions 2006-Now. [39] So far, it has made a number of large-scale investments. His philanthropic acts include his $30 million donation to the Royal Ontario Museum and many other charitable acts in Jamaica. (AIC) was very, very small, but the seeds were there, Wellum said. Michael Lee-Chin is Chairman of Portland Private Equity and sponsor of AIC Caribbean Fund; founder and Chairman of Portland Holdings Inc., a privately held investment company which owns a collection of diversified operating companies; and Chairman of the National Commercial Bank of Jamaica. Business mogul Michael Lee-Chin. Lee-Chin joined the game. He is known for his philanthropic contributions to the Royal Ontario Museum, the Joseph Brant Hospital, the University of Toronto, McMaster University and more. 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. Lee-Chin is also a dedicated philanthropist and has pledged and donated more than $60 million to hospitals, universities and, most notably, the Royal Ontario Museum, where the Michael Lee-Chin Crystal is named in honour of his $30-million pledge. When I worked with him, people would say, Michael is a hard-nosed businessman, just because he was successful, he said. 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".
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