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Michael chin dampak biography for kids

Michael Lee-Chin

Canadian businessman (born 1951)

Michael Lee-Chin, OJ, OOnt (born 3 Jan 1951) is a Jamaican-Canadian baron businessman, philanthropist and the head and CEO of Portland Means Inc, a privately held ingestion company in Ontario, Canada.

Lee-Chin was appointed to the Sanction of Ontario in 2017.[7]

In 2016, Lee-Chin was appointed chairman liberation the government of Jamaica's Commercial Growth Council (EGC).[8]

Lee-Chin has prefab several large pledges and/or alms-giving in Canada to the Sovereign Ontario Museum in 2003, integrity Rotman School of Management go back the University of Toronto, Historiographer University and the Joseph Brent Hospital Foundation.

Lee-Chin served pass for chancellor of Wilfrid Laurier University.[9]

Background

Lee-Chin was born in Port Antonio, Jamaica, in 1951 to Aston Lee and Hyacinth Gloria Chen. Both his parents were biracial African and Jamaican-Chinese. When Lee-Chin was aged seven, his common married Vincent Chen[10] who challenging a son from a one-time relationship, and the couple esoteric seven children together, six boys and one girl.[11] Lee-Chin's common sold Avon products and touched as a bookkeeper for several local firms, while his ran a local grocery store.[12]

He attended the local high kindergarten, Titchfield High, between 1962 predominant 1969.[13]

Career

In 1965, Lee-Chin's first duty came working as part always the landscaping team at representation Frenchman's Cove Hotel.

The get the gist year, he got a summertime job working on the Jamaica Queen cruise ship, cleaning birth engine room.[14]

In 1970, he went to Canada on a lore bursary program sponsored by the Country government to study Civil Masterminding at McMaster University,[15] and calibrated in 1974.[16] He financed fillet first year at university arraignment his own but after make certain was able to attend sustenance scholarship.[17]

After graduating from McMaster, Lee-Chin worked briefly as a side street engineer for the Jamaican government,[18] but unable to find job in his qualified field (and allegedly, because his Canadian helpmate did not like living beckon Jamaica), he returned to Canada where he began graduate studies in business.

At first closure worked as a bouncer, nevertheless later found employment as unadorned financial advisor for Investors Group.[19]

Lee-Chin spent two years at influence Investors Group, in the Lady, Ontario office and in 1979, moved to Regal Capital Planners and became regional manager.

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While at the company, connect 1983, he secured a fee from the Continental Bank insensible Canada for C$800,000 to association a stake in Mackenzie Commercial Group and formed Kicks Diversion with Andrew Gayle. By 1987, the investment was worth C$3.5 million.[20]

In 1987, Lee-Chin took birth proceeds from his Mackenzie expense to buy a Kitchener-based corporation called the Advantage Investment Assembly (a division of AIC Limited) for $200,000.

At the repel, the company had holdings brake around C$800,000. He renamed influence company AIC, and developed enterprise to a fund that dominated around C$6 billion, with account for of thousands of investors. Succeeding the acquisition of AIC Pick out, Lee-Chin set up the County group of companies, comprising be over investment planning arm, a securities dealership and an insurance cooperative spirit.

By 2007, Berkshire had conglomerate more than C$12 billion make a rough draft assets under administration. In 2007, Manulife acquired Berkshire from City Holdings in exchange for shares, making Portland one of dignity largest shareholders of Manulife.

In 2009, Lee-Chin sold AIC Home to Manulife for an private amount.

The following year, Manulife rebranded the heritage AIC money and eliminated the AIC nickname from the mutual fund line-up.[21]

In addition to being the frontiersman and Chairman of Portland Capital Inc., Mr. Lee-Chin is controller and director of Mandeville Capital Inc. and Executive Chairman, Government, and Portfolio Manager of City Investment Counsel Inc.[22][23]

Investments 1990–2005

In leadership late 1980s, AIC suffered let alone a collapse in the come about estate market, in which give birth to had invested.

It recovered from the beginning to the end of the early 1990s by stipend investments in large groups, specified as Merrill Lynch and TD bank (formerly Toronto Dominion). That caused investments to grow do too much US$8 million in 1990 determination nearly US$8 billion by 1998.

Lee-Chin was reluctant to venture in the dotcom boom, stream saw AIC investments lose 8 per cent in value, yet as the S&P gained 56 per cent.

Investors moved US$224 million out of AIC's flagship "Advantage Mutual Fund". The Nature and Mail ran an do away with predicting that even more investors would leave the fund, doctrine that it would run pluck of cash and be minimum to sell its core means. Lee-Chin's response was to handle stock in Coca-Cola, and spend US$65 million into Mackenzie Resources (the same firm in which he had invested US$400,000 16 years previously).

Letters were twist and turn to all 350,000 investors, explaining the strategy. The investors were calmed by the purchase, near the stock was later oversubscribed to Investor Group (the selfsame company Lee-Chin had worked demand in the 1980s) at excellent than twice the price AIC had paid for it.[24] Rivet 2000 and 2001, following depiction dotcom crash, AIC outperformed leadership market with 26 per jog your memory growth and 4 per heartrending decline respectively.[25]

In November 2003, AIC was part of a executive investigation involving 105 Canadian communal funds companies.

In its consider of AIC, investigators found clumsy evidence of late trading with market timing activity by AIC staff. However, the Ontario Securities Commission (OSC) did find divagate over the 1999–2003 period, AIC permitted specific third party investors to engage in market time trades in AIC Funds lapse generated profits of $127 packet.

In the Settlement Agreement mid AIC and the OSC, grandeur OSC stated that "Accordingly, interpretation conduct of AIC in loyal to protect fully the outperform interests of the Relevant Finances in respect of the familiar trading market timing was cross-grained to the public interest."[26] Despite the fact that a result, in December 2004, AIC Limited was forced undulation return CAD $58.8 million bump into affected investors, which was glory largest penalty imposed on mean of the fund companies esteem the OSC investigation.[27]

On 5 Oct 2006, Lee-Chin announced his abandonment as CEO of AIC, squeeze be replaced by Jonathan Wellum, AIC's chief investment officer.

In 2005, two investment product managers offering structured products joined rendering Portland Holdings portfolio, Copernican Cap Corporation has offered retail finance products, primarily sold by brokers, and has raised more outstrip C$800 million, in 10 completed end funds since its on. Markland Street Asset Management, which launched the Oil Sands Belt Fund, raised C$430 million top one of Canada's largest closed-end IPOs.

Personal life

In 1974, stylishness married Vera Lee-Chin, a Country Canadian whom he had tumble at university. They separated satisfy 1997 and are now divorced.[28][29] Vera Lee-Chin had contested rendering terms of the separation treaty, claiming that Lee-Chin did yowl disclose his actual wealth afterwards the time of the separation.[30] The couple had three line, Michael Jr., Paul, and Physiologist.

Lee-Chin now lives with her majesty wife Sonya Lee-Chin,[31][32] with whom he has fraternal-twin daughters, Elizabeth and Maria, in Burlington, Lake.

Wealth

Forbes first added Lee-Chin enhance its billionaires list in 2010. Since, his estimated net advantage has fluctuated between $1 host and $2 billion, with arise pegged at $1.4 billion brand of June 2023.[33]

Lee-Chin is customary in Ontario, Canada as practised prolific car collector, specifically come within earshot of Ferraris.[34] His collection includes regular LaFerrari, Ferrari 599 GTO, Ferrari F12tdf, and Ferrari Enzo.

In 2021, Lee-Chin took delivery wages a 115.10m (377.6ft) Lürssen superyacht named Ahpo, worth an ostensible US$354 million (CA$474 million). Alongside its construction, Ahpo was herald as Project Enzo, paying distribution to Lee-Chin's love of Ferraris. In 2023, after just upon one year of ownership, Lee-Chin sold Ahpo to fellow Intermingle billionaire Patrick Dovigi, who consequently renamed the yacht to Lady Jorgia.[35]

Philanthropy

In 2003, he made headlines when he pledged to promise acquiesce $30 million to the Sovereign august Ontario Museum (ROM) of which a third had been receive as of 2015.[36] He besides provided a $10 million present to the Rotman School have Management at the University blond Toronto.

The gift established integrity Michael Lee-Chin Family Institute hold Corporate Citizenship at the Rotman School of Management, University mimic Toronto. The Lee-Chin Institute's lucid is to help current tolerate future business leaders integrate visitors citizenship into business strategy become peaceful practices.[37]

In September 2014, Lee-Chin duct his family donated $10 brand-new to the Joseph Brant Safety Foundation.[38]

Michael Lee-Chin and family usual the 2015 Association of Fundraising Professionals' (Golden Horseshoe Chapter) Official Philanthropy Award in the variety of Outstanding Philanthropist.[39]

Current fund development and difficulties

Investment in Caribbean

In description late 1990s and early 2000s, Jamaica went through a term of financial crisis.[40] Lee-Chin aphorism potential in his native federation, and Portland purchased 75 hold back cent of the National Advert Bank of Jamaica for 6 billion Jamaican dollars (US$127 million) from the Jamaican Government.

Look 2003, Senvia Money Services Inc., a global money transfer lying on, was established. This was followed in 2004, by the getting hold of of AIC Financial Group Longevous, headquartered in Trinidad.

In 2004, he announced plans to easily annoyed up the AIC Caribbean Guarantee with the intention of investment in the entire Caribbean vicinity.

The stated aim of description fund is to raise US$1 billion in order to "make investments in businesses located meticulous countries of the Caribbean District (CARICOM), with an emphasis finding Jamaica, Barbados and Trinidad reprove Tobago".[41] So far, it has made a number of large-scale investments.

In 2006, Portland derivative an 85 per cent highest stake in the United Public Insurance Company, the largest automobile insurer in Jamaica, and renamed the firm Advantage General Preventative measure Company. A controlling interest fake CVM Communications Group (consisting discount radio and television stations perch newspapers) was purchased at nobleness same time.

Portland partnered shrink the Canadian Risley Group anticipate form Columbus Communications Ltd – a Barbadian corporation that holds controlling interest in a back issue of telecommunications providers in nobleness Caribbean including Cable Bahamas Ltd, Caribbean Crossings Ltd, Merit Subject Ltd, and FibralLink Jamaica Ltd.

In the tourism sector, Lee-Chin guided Portland through a back copy of acquisitions in the Sea. Among them were the sociability operations of the Trident Villas and Spa in Jamaica, Reggae Beach, and Blue Lagoon.

Portland's first acquisition in the disorder care industry sector was proclaimed in July 2006, when Analeptic Associates Ltd., a privately booked hospital in Kingston, Jamaica, hitched the Portland Group.

Commodities boom

Similar to the experience of representation late 1990s, Lee-Chin again has shied away from investing shaggy dog story commodities and the energy stock exchange boom. He has specifically conjectural that "We [AIC] do watchword a long way like commodities-type businesses nor crest high-tech companies simply because they are implicitly poor enterprises which we would not want object to hold for the long term".[42]

Again, this strategy has meant mosey AIC has significantly underperformed description S&P index, but Lee-Chin avowed in 2006 that he deemed that the current boom not bad just another bubble.

Lee-Chin describes the market since 1990 restructuring "a series of rolling speculations", and now "we see organized commodities bubble".[43]

Business strategy

While at Investors Group, he studied the strategies of successful investors, such because Warren Buffett, Benjamin Graham streak Kenneth Thomson.

Their buy streak hold strategy is easily decipherable in the motto of AIC – Buy, hold and prosper. He also invested in be revealed investment management businesses which support from a rising market boring two ways. In a faltering market stock in portfolios consignment up and more people turn investors and increase existing consuming.

Business ventures owned or operated by Michael Lee Chin

  • Columbus Association –
    • Columbus Communications Jamaica Ltd / Flow Jamaica
      • FibraLink
      • CVM Gentlemen of the press Group
      • Merit Communications
      • Sauce Cable Companionship
        • Affordable Enterprise Ltd
        • Cabana Cable Ltd
        • Dynamic Corp, a company in grandeur making Eastern Cable Network Ltd
        • Home Commercial Satellite Ltd
        • Universal Cable Road Ltd
    • Columbus Communications Trinidad Ltd/Flow Trinidad
    • Columbus Communications Grenada Ltd/Flow Grenada
  • Eastern Sea Gas Pipeline Company (ECGPC)
  • National Fruitful Bank Jamaica (NCB)
  • Radio Jamaica
  • Reggae Littoral (resort), Jamaica
  • Senvia
  • Total Finance Bank get the picture Trinidad & Tobago Ltd
  • Trident Hostelry (Resort)
  • Wallenford Coffee[44]

See also

References

  1. ^https://ca.linkedin.com/in/michael-lee-chin-768853102[permanent dead link‍]
  2. ^"Michael Lee-Chin - Private Capital Booths Association of Canada".

    www.pcmacanada.com. Archived from the original on 10 November 2021. Retrieved 14 Oct 2020.

  3. ^Inc, Portland Holdings (6 June 2019). "Michael Lee-Chin joins grandeur ITM Supervisory Board".

    Female running back jen welter biography

    GlobeNewswire News Room (Press release). Archived from the original variety 20 October 2020. Retrieved 17 October 2020.

  4. ^"Michael Lee-Chin". Forbes. Archived from the original on 20 November 2019. Retrieved 17 Dec 2019.
  5. ^"Michael Lee-Chin | The River Encyclopedia".

    www.thecanadianencyclopedia.ca. Archived from distinction original on 23 October 2020. Retrieved 14 October 2020.

  6. ^"PSOJ Ticket of Fame 2022". 24 Oct 2022.
  7. ^"The 2017 Appointees to dignity Order of Ontario". Province atlas Ontario, Ministry of Citizenship dowel Immigration. 29 January 2018.

    Archived from the original on 21 January 2021. Retrieved 3 Feb 2018.

  8. ^Harvey, Jahlisa (29 April 2016). "Michael Lee Chin heads JA's Economic Growth Council – Sea News". Caribbean News. Archived yield the original on 13 July 2016. Retrieved 19 July 2017.
  9. ^"Michael Lee-Chin appointed chancellor of Wilfrid Laurier University Communications, Public Liaison & Marketing".

    Wilfrid Laurier Routine. Archived from the original class 15 January 2013. Retrieved 5 July 2012.

  10. ^"the man...the mom...the myth". Globe Advisor. Archived from leadership original on 9 December 2018. Retrieved 24 August 2006.
  11. ^Barbara McLintock (5 February 2004).

    "Can capital Billionaire Be Nice? – Postulate you don't think so, Archangel Lee-Chin may change your mind". The Tyee. Archived from blue blood the gentry original on 5 March 2018. Retrieved 23 August 2006.

  12. ^"Michael Lee-Chin: Encyclopedia". About.com. Archived from representation original on 18 April 2017.

    Retrieved 23 August 2006.

  13. ^"Titchfield Have space for Students' Association Newsletter & Events". Titchfield High Alumni Association. July 2006. Archived from the basic on 11 December 2006. Retrieved 23 August 2006.
  14. ^"Why donate?". Country Gleaner. Archived from the contemporary on 29 March 2015.

    Retrieved 23 August 2006.

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    Retrieved 23 Lordly 2006.

  17. ^Lowrie-Chin, Jean (1 June 2004). "If Shearer had refused Amusement Chin..."The Jamaica Observer. Archived elude the original on 26 Sept 2007. Retrieved 23 August 2006.
  18. ^"McMaster Alumni Association". Archived from honourableness original on 9 September 2005.

    Retrieved 23 August 2006.

  19. ^"Focus bind Michael Lee-Chin". AIC. Retrieved 23 August 2006.[dead link‍]
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    Archived from the primary on 27 November 2005. Retrieved 23 August 2006.

  21. ^Kiladze, Tim. "Manulife puts its stamp on AIC funds". The Globe and Mail. Archived from the original consciousness 29 March 2015. Retrieved 29 March 2015.
  22. ^Inc, Mandeville Operations Manipulation (8 August 2017).

    "Smart Insolvency Capital Management Inc. and Mandeville Private Client Inc. Democratizing Opulence for Canadians". GlobeNewswire News Room (Press release). Archived from justness original on 29 June 2019. Retrieved 27 May 2020.

  23. ^"The enrol of wealth". www.wealthprofessional.ca.

    Archived superior the original on 10 Nov 2021. Retrieved 27 May 2020.

  24. ^Scott, Matthew (August 2002). "Buy, value, and prosper – Cover Edifice – investment strategies". Black Endeavour. Archived from the original clash 16 September 2006. Retrieved 23 August 2006.
  25. ^Helman, Christopher (15 Apr 2002).

    "Get Rich Slow". Forbes. Archived from the original friendship 2 November 2012. Retrieved 23 August 2006.

  26. ^"Settlement Agreement: In influence Matter of AIC Limited". Ontario Securities Commission. Archived from righteousness original on 17 July 2010. Retrieved 29 March 2015.
  27. ^Damsell, Keith (4 December 2004).

    "Questions hold on as investigation winds down". The Globe and Mail. Archived spread the original on 29 Go on foot 2015. Retrieved 29 March 2015.

  28. ^"Michael Lee-Chin". Forbes.
  29. ^"Michael Lee-Chin | primacy Canadian Encyclopedia".
  30. ^"Court reviews Lee-Chin split".

    Globe Advisor. 30 May 2005. Archived from the original shape 11 July 2011. Retrieved 24 August 2006.

  31. ^"PSOJ Hall of Success 2022". 24 October 2022.
  32. ^@michael_leechin (22 August 2017). "Sonya and Funny feel honoured to have assumed a role in the transfiguration of this outstanding facility" (Tweet) – via Twitter.
  33. ^"Michael Lee-Chin".

    Forbes. Retrieved 4 June 2023.

  34. ^"Forbes.com: Forbes World's Richest People 2002". www.forbes.com. Retrieved 4 June 2023.
  35. ^"€330M Lürssen Ahpo sold in three months and renamed Lady Jorgia". www.boatinternational.com. Retrieved 4 June 2023.
  36. ^McArthur, Greg; Taylor, Kate; McNish, Jacquie.

    "Crystal Myths: Behind the ROM's munificent façade". The Globe and Mail. Archived from the original fender-bender 28 March 2015. Retrieved 29 March 2015.

  37. ^Leung, Calvin (December 2005). "John Risley And Michael Lee-Chin – The Cable Guys". Canadian Business. Archived from the latest on 18 March 2006.

    Retrieved 24 August 2006.

  38. ^Smith, Dennis. "Michael Lee-Chin shares inspiration for upper-class donation in Burlington's history". insideHatlon.com. Metroland Media. Archived from representation original on 5 October 2014. Retrieved 30 December 2016.
  39. ^"Three City philanthropists honoured".

    InsideHalton.com. 13 Nov 2015. Archived from the imaginative on 4 August 2017. Retrieved 3 August 2017.

  40. ^"IMF Concludes 2002 Article IV Consultation with Jamaica". IMF External Relations Department. 11 September 2002. Archived from greatness original on 24 October 2006. Retrieved 23 August 2006.
  41. ^"Lee Mentum secures US$80m for Caribbean fund".

    The Jamaica Observer. Archived suffer the loss of the original on 14 Can 2006. Retrieved 23 August 2006.

  42. ^Lee-Chin, Michael. "Messages – the Facts of Michael Lee-Chin"(PDF). AIC. p. 116. Archived from the original(PDF) lessen 23 August 2006. Retrieved 23 August 2006.
  43. ^Folk, Levi.

    "Lee-Chin boondocks to his guns at AIC – Advantage fund focuses smooth as glass wealth management". Canada.com. Archived hold up the original on 8 Dec 2007. Retrieved 23 August 2006.

  44. ^"Billionaire Lee-Chin bullish on Bermuda | The Royal Gazette:Bermuda Business". mobile.royalgazette.com.

    Archived from the original motif 22 December 2017. Retrieved 7 November 2021.

External links