Michael Lee-Chin and Sonya Hamilton Lee-Chin. 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. waste management, tourism, agriculture and media. Both his parents were biracial African and Chinese-Jamaican. He had no interest in diversifying his assets, a bread-and-butter strategy that many portfolio managers follow. He did own a house in Miami Beach. It recovered throughout the early 1990s by maintaining investments in large groups, such as Merrill Lynch and TD bank (formerly Toronto Dominion). He financed his first year at university on his own but after that was able to attend on scholarship. [8], In 2016, Lee-Chin was appointed chairman of the government of Jamaica's Economic Growth Council (EGC). He attended the local high school, Titchfield High, between 1962 and 1969. Michael Lee-Chin was born 3 January 1951 in Port Antonio, Jamaica. Michael Lee-Chin, businessman, investor and philanthropist (born 3 January 1951 in Port Antonio, Jamaica). Wealthy people, he noticed, hold these businesses for the long run, for as long as the business remains viable. 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 separated from his wife Vera Lee-Chin in 1991 after having three children (Michael Jr., Paul, and Adrian). In 2003, Senvia Money Services Inc., a global money transfer company, was established. 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. By 1987, the investment was worth C$3.5 million. Lee-Chin In 1970, he went to Canada on a scholarship program sponsored by the Jamaican government to study Civil Engineering at McMaster University, and graduated in 1974. 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. Lee-Chin got his degree, and then applied to 100 jobs in engineering, receiving 100 rejections. Lee-Chin married Vera Lee-Chin, a Ukranian Canadian he met at university, in 1974. At 72 years old, Michael Lee-Chin height not available right now. 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. He served as Chancellor of Wilfrid Laurier University from 2011-2016. 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. Bachelor of Arts/Science, McMaster University. 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.. 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. 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. This advertisement has not loaded yet, but your article continues below. Today, Jamaica is an independent nation with a diverse population and a strong sense of national identity. 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. He purchased Jamaicas National Commercial Bank in 2002, a move his investor friends questioned. CEO Michael Lee-Chin turned to them and smiled. In 2012, Lee-Chin established a group of wealth management companies under Mandeville Holdings Inc., a subsidiary of Portland. I would say, You dont really know Michael.. But it was a tough time.. Her father neglected his role. Held at the Ritz-Carlton in Toronto, March 19, 2014 Hon. In 2009, Lee-Chin sold AIC Limited to Manulife for an undisclosed amount. The native of Jamaica acquired AIC in 1987, when it had less than $1 million in assets under management. When he was seven, Lee-Chins mother married Vincent Chen, who had a son from a previous relationship. Lee-Chin has put much of his wealth toward the economic development of the Caribbean. 2023 Forbes Media LLC. work in his field, Lee-Chin returned to Canada. 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, born on January 3, 1951, is a Jamaican-Canadian business magnate, investor, and philanthropist. His investment holding company Portland JSX Ltd. raise J$1.23 billion (US $9.8 million) in a June 2016 IPO which was oversubscribed by 23.5%, making it the largest IPO of ordinary shares ever seen on the Jamaica Stock Exchange. We apologize, but this video has failed to load. When the company was acquired byManulife Financial Corporation in 2007, Berkshires assets exceeded $12 billion. Lee-Chin exercises for precisely 60 to 75 minutes and then eats an enormous breakfast, lunch, and dinner to help power him through what is bound to be a long day. After four years, the stock appreciated sevenfold. Both his parents were biracial African and Jamaican-Chinese. [25] In 2000 and 2001, following the dotcom crash, AIC outperformed the market with 26 per cent growth and 4 per cent decline respectively. [8] He one of the Richest Chairman who was born in Jamaica. 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. 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. He made his fortune through investments in financial firms like the . His $500,000 turned into $3.5 million, giving rise to his lifelong mantra: buy, hold, and prosper. The company said using liquid hydrogen and a stationary fuel cell power system to charge commercial fleets battery vehicles can help avoid straining the grid. 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. $15 billion in assets under management in 2001. We ask you to keep your comments relevant and respectful. In 1974, he married Vera Lee-Chin, a Ukrainian Canadian whom he had met at university. 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. 16.6K followers. We reserve the right to publish any information submitted to us. As always, Lee-Chin is thinking 10 steps ahead. Canadian Business magazine named Lee-Chin one of the richest people in Canada. Michael Lee-Chin's fortune is mostly his 60% stake in National Commercial Bank Jamaica. Continue with Recommended Cookies. Most people make decisions and act on their decisions based on: Ready, aim, aim, aim, aim, aim, Lee-Chin said in an interview. He also invested in public investment management businesses which benefit from a rising market in two ways. 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". This, Miss Marisa Coulton, is investing.). He said he was stunned by Lee-Chins willingness to put his own money on the table. He is the owner of the yacht AHPO, she was built as Project ENZO. While at Investors Group, he studied the strategies of successful investors, such as Warren Buffett, Benjamin Graham and Kenneth Thomson. He also owns a fleet of Agusta and Sikorsky helicopters. In 2014, Lee-Chin donated $10 million to Joseph Brant Hospital in Burlington, 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. firm called Advantage Investment Counsel (AIC) based in Kitchener, Ontario, for $200,000. Lee-Chin served as chancellor of Wilfrid Laurier University. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Markland Street Asset Management, which launched the Oil Sands Sector Fund, raised C$430 million in one of Canada's largest closed-end IPOs. 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.. Portland owns a variety of businesses that operate in sectors such as financial services, telecommunications, Years later, a consolidation of several family-own businesses allowed the family to head what was considered one of the largest retailers in Jamaica, Super Plus Foods. Canada's best source for investing news, analysis, and insight on investment strategies, stocks and more.
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