To learn more visit www.portlandholdings.com. 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. A member of the RJRGLEANER Communications Group. Lee-Chin worked briefly as a road engineer for the Jamaican government. Get exclusive access to the National Post ePaper, an electronic replica of the print edition that you can share, download and comment on. Both his parents were biracial African and Jamaican-Chinese. We recommend you to check the complete list of Famous People born on 3 January. Do you know more about his business jet? Lee-Chin, he said, was thinking about philanthropy long before it became a norm in the world of big business. Unauthorized distribution, transmission or republication strictly prohibited. [25] In 2000 and 2001, following the dotcom crash, AIC outperformed the market with 26 per cent growth and 4 per cent decline respectively. 2. 16.6K followers. It didnt blow up. The gift established the Michael Lee-Chin Family Institute for Corporate Citizenship at the Rotman School of Management, University of Toronto. 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. Party photos of the week: The University of the West Indies Fifth In 1983, Lee-Chin secured a $500,000 loan from the Continental Bank of Canada to buy stocks from Mackenzie Financial Corporation. That was his baby., As Lee-Chins wealth increased, so too did his desire to give back, said Wellum. Jamaicas unique blend of natural beauty and vibrant cultural heritage make it a must-visit destination for travelers seeking a truly unforgettable experience. 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. waste management, tourism, agriculture and media. From his conspicuous dress code to his private jet penchant and fearless life philosophies, the Jamaican-born founder of Portland . Three decades and many investments later, Lee-Chin is worth some $1.9 billion, according to Forbes. In 1966, he started a job cleaning the engine room on the Jamaica Queen cruise ship. The native of Jamaica acquired AIC in 1987, when it had less than $1. Most people see stocks as a piece of paper to be traded, to buy and sell, he said. But we guess that he owns more properties. The island is famous for its reggae music, with legendary artists like Bob Marley and Peter Tosh having their roots in Jamaica. He served as Chancellor of Wilfrid Laurier University from 2011-2016. Michael Lee-Chin - Chairman - Portland Holdings Limited - LinkedIn But, a stock is a percentage ownership in the business, he said. Hyacinth, who leaves to mourn her widower, nine children, 29 grandchildren and two great grandchildren, is not only remembered as a successful mogul, but as one who gave selflessly to various causes. 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. Unlimited online access to articles from across Canada with one account. It recovered throughout the early 1990s by maintaining investments in large groups, such as Merrill Lynch and TD bank (formerly Toronto Dominion). He is the son of Black and Chinese-Jamaican parents Aston Lee and Hyacinth Gloria Chen. Lee-Chin had split from his wife Vera in 1990, after 16 years of marriage. 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. In addition to these business ventures, Lee-Chin has made a number of successful investments over the years, including an early investment in the mutual fund company AIC Limited, which has contributed significantly to his net worth. 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. 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. Do you know more about his houses? Later, he studied civil engineering and business economics, eventually starting his financial career as an advisor for an investment company. (Luxury travels of the Billionaire Boys Club). Can The Math Game Help The Denver Nuggets Beat The Phoenix Suns? In 2016, Michael was appointed Chair of the Government of Jamaica's Economic Growth Council. They manage their business by delivering a great product that has utility to society.. In 2002, Portland acquired 75 per cent interest in National Commercial Bank Jamaica Limited (NCB), and Lee-Chin became its executive chairman. Lee . On 5 October 2006, Lee-Chin announced his resignation as CEO of AIC, to be replaced by Jonathan Wellum, AIC's chief investment officer. 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. Since he could not find 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). The Globe and Mail ran an article predicting that even more investors would leave the fund, meaning that it would run out of cash and be forced to sell its core holdings. Michael Lee-Chin, businessman, investor and philanthropist (born 3 January 1951 in Port Antonio, Jamaica). 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. In September 2014, Lee-Chin and his family donated $10 million to the Joseph Brant Hospital Foundation. They parted in 1991, and officially separated (though did not divorce) in 1997. He financed his first year at university on his own but after that was able to attend on scholarship. Photo by Handout/Patricia Trombetta/Portland Investment Counsel Inc. Lee-Chins mother sold Avon products and worked as a bookkeeper. But mom wouldnt want us to talk about her business success, business acumen or entrepreneurial skills. Opinion: Do electric cars ever emerge from policy intensive care? Among them were the hospitality operations of the Trident Villas and Spa in Jamaica, Reggae Beach, and Blue Lagoon. So, how much is Michael Lee-Chin worth at the age of 71 years old? Lee-Chin has twin daughters, Elizabeth and Maria, with his current partner, Sonya Hamilton. 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. This caused investments to grow from US$8 million in 1990 to nearly US$8 billion by 1998. The couple have three children: Michael Jr., Paul and Adrian. Michael Lee Chin credits his success to intellectual frameworks he developed as a youth. In 2009, Lee-Chin sold AIC Limited to Manulife for an undisclosed amount. It also has a high cruising speed, allowing it to cover large distances quickly and efficiently. The next year, he got a summer job working on the Jamaica Queen cruise ship, cleaning the engine room. Please do send us a message. 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. Hes associated with 4 unicorns, privately held startups that have a valuation of over $1 billion: AIC Ltd., Columbus Communications, InterEnergy Holdings Ltd., and ITM Isotope Technologies Munich SE. I was pretty close to jumping, he said. Lee-Chin attended Titchfield High School from 1962 to 1969. Jeff Bezos loses $13 billion in hours as Amazon shares slump, Meet the Russian oligarchs with investment ties to Western Canada not named in Ottawa's sanctions, Elon Musk donated US$5.7 billion of Tesla shares to charity last November. Undeterred with young Michael as a baby, she eventually got back another job at the Sang Hing Supermarket in Port Antonio. Lee-Chin was appointed to the Order of Ontario in 2017, the provinces highest honour. The couple had three children, Michael Jr., Paul, and Adrian. 5 Jamaican Billionaires and Their Net Worth - Epic Jamaica 'No fear of missing out': Billionaire Michael Lee-Chin 50% in - BNN He does have a wonderful heart. She always felt no matter what was happening, no matter how dark the cloud, there is always a silver lining, he added. While at Investors Group, he studied the strategies of successful investors, such as Warren Buffett, Benjamin Graham and Kenneth Thomson. 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 . 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. Related by origin of wealth: Mutual funds. Jamaican-Canadian entrepreneur Michael Lee-Chin is on the list, given an entirely self-made fortune of $1.9 billion. Letters were sent to all 350,000 investors, explaining the strategy. Michael Lee-Chin Chairman of Portland Holdings Director National Commercial Bank Jamaica LTD. What I do, is I ready, aim, and if Im in the vicinity, I fire., He tried to save money for school by working as a bouncer but he still found himself coming up short. While no official confirmation has been made, the sale would not be surprising given the yachts incredible features and specifications. 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? He is the founder and Chairman of Portland Holdings Inc., a privately held investment company which owns a collection of diversified operating . In this article, we explore the life, achievements, and philanthropic efforts of this Jamaican-Canadian investor and founder of Portland Holdings. Currently Lee-Chin is eyeing other prospective investment . Hyacinth Gloria Chen interacts with sons Wayne Chen (left) and Michael Lee-Chin at a reception. They parted in 1991 and officially separated (though they did not divorce) in 1997. Lee-Chin describes the market since 1990 as "a series of rolling speculations", and now "we see a commodities bubble".[41]. 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 lists Cayman mansion for sale at $35 million 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 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 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. The company is now the most profitable business in the country with cumulative profits of US$2.2 billion from 2004 to September 2021. [26], In November 2003, AIC was part of a regulatory investigation involving 105 Canadian mutual funds companies. When he was seven, Lee-Chins mother married Vincent Chen, who had a son from a previous relationship. View popular celebrities life details, birth signs and real ages. Lee-Chin has twin daughters, Elizabeth and Maria, with his current partner, Sonya Hamilton. "[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]. Mom wanted us to have a legacy of love, love for each other, for our fellow citizens and people and she embodied that and exemplified that. His wife is Vera Lee-Chin (m. 1974) Michael Lee-Chin income His net worth has been growing significantly in 2021-2021. Michael Lee-Chin, is Chairman of Portland Holdings Inc., his Canadian based investments holding company. He is the recipient of the Order of Jamaica and the Order of Ontario. 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 2011, he was appointed chancellor of Wilfrid Laurier University. He loves to help people, said Wellum. 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. He has established the Michael Lee-Chin Family Institute for Corporate Citizenship at the University of Toronto, demonstrating his commitment to social responsibility and corporate ethics. 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.. Michael has received Doctor of Law degrees from a number of distinguished universities in Canada and Jamaica. He renamed the company AIC, and developed it to a fund that controlled around C$6 billion, with hundreds of thousands of investors. It is designed to provide maximum comfort and convenience to passengers, with features such as a spacious cabin, private sleeping quarters, and conference areas. Paul Wilson: Renos rolling on mansions billionaire left behind We and our partners use cookies to Store and/or access information on a device. In 1983, he took out an investor loan of $500,000 to buy into the company whose funds he was selling: Mackenzie Investments. At first he worked as a bouncer, but later found employment as a financial advisor for Investors Group. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. The sprawling Coconut Walk Private Estate boasts a stunning beachfront location and sits . Lee-Chin is a majority investor in National. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. When the company was acquired byManulife Financial Corporation in 2007, Berkshires assets exceeded $12 billion. 88 Michael Lee Chin Premium High Res Photos - Getty Images Their buy and hold strategy is easily recognizable in the motto of AIC Buy, hold and prosper. The majority of his wealth comes from his shares in the National Commercial Bank Jamaica. I said to Michael, Why do we want to own a bank in Jamaica? I didnt know the market, Wellum said. In a rising market stock in portfolios go up and more people become investors and increase existing investment. If you are a Home delivery print subscriber, unlimited online access is. Reflects change since 5 pm ET of prior trading day. Hes also associated with three publicly traded companies worth $1 billion or more, including NCB Financial Group Ltd., Telix Pharmaceuticals, and Guardian Holdings Ltd. Lee-Chins approach worked. Michael Lee-Chin's income source is mostly from being a successful Chairman. 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. 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. 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.. Wellum agreed, and would go on to work with Lee-Chin for 19 years. Jamaica, a captivating island nation in the Caribbean, is renowned for its vibrant culture, beautiful beaches, and lush tropical landscapes. Michael had the building blocks he had an investment philosophy, he had an approach, he had a passion, and he was prepared to invest to grow the business., Wellum was conservative when it came to money and had a low tolerance for risk. Lee-Chin married Vera Lee-Chin, a Ukranian Canadian he met at university, in 1974. 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. How To Be A Billionaire: Tips From Michael Lee-Chin And Joe Tsai - Forbes Lee-Chin is Canadas only Black billionaire, and just one of 15 Black billionaires worldwide. 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. Columbus Communications Co-owned with John Risley, owner of the, National Commercial Bank of Jamaica (NCB). 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.. I will accept only if you find me some shares! he said, sticking to his long-held beliefs about the merits of stock ownership. 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. Our team works hard to provide accurate and engaging content for our readers, and we appreciate your support. He certainly stands out as an exemplar of someone who is willing to put his money where his mouth is, said Lohin. The couple had seven more children together: six boys and one girl. April 18, 2023. 20 following. Lee-Chin later worked as a road engineer for the Jamaican government after studying civil engineering at Canada's McMaster University. Built by the renownedLurssenYachts in 2021 as Project ENZO, the impressivesuperyachtAHPOis a marvel of modern design and engineering. 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. 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. There was an error, please provide a valid email address. 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