Michael Lee-Chin facts for kids

Michael Lee-Chin (born 3 January 1951) is a very successful Jamaican-Canadian businessman and a generous giver to charities. He is the chairman and CEO of Portland Holdings Inc., a private investment company in Ontario, Canada.

In 2017, Michael Lee-Chin was given the Order of Ontario, a special award from the Canadian province. In 2016, he was chosen to lead Jamaica's Economic Growth Council (EGC), which helps the country's economy grow.

He has given large amounts of money to places like the Royal Ontario Museum, the Rotman School of Management at the University of Toronto, McMaster University, and the Joseph Brant Hospital Foundation in Canada. He also served as the leader, or chancellor, of Wilfrid Laurier University.

Early Life and Education

Michael Lee-Chin was born in Port Antonio, Jamaica, in 1951. His parents were of both African and Chinese Jamaican background. When he was seven, his mother married Vincent Chen. His mother sold products and worked as a bookkeeper, while his stepfather ran a local grocery store.

He went to Titchfield High School in Jamaica from 1962 to 1969.

First Jobs and Moving to Canada

Michael Lee-Chin started working at age 14. His first job was helping with the gardens at the Frenchman's Cove Hotel. The next year, he worked on a cruise ship called the Jamaica Queen, cleaning the engine room.

In 1970, he moved to Canada. He went there on a scholarship from the Jamaican government to study Civil Engineering at McMaster University. He finished his studies in 1974. He paid for his first year of university himself, but after that, he received scholarships.

After university, he worked briefly as a road engineer in Jamaica. But he soon returned to Canada to study business. He first worked as a bouncer, then became a financial advisor for a company called Investors Group.

Building a Business Empire

Michael Lee-Chin worked at Investors Group for two years. In 1979, he moved to another company, Regal Capital Planners, and became a regional manager.

In 1983, he borrowed C$800,000 to buy a share in a company called Mackenzie Financial Group. This investment grew a lot, becoming worth C$3.5 million by 1987.

In 1987, he used the money from his Mackenzie investment to buy a company called Advantage Investment Council for $200,000. This company managed about C$800,000. He renamed it AIC and helped it grow hugely. AIC eventually managed around C$6 billion for hundreds of thousands of investors.

After buying AIC, Michael Lee-Chin also created the Berkshire group of companies. This group included investment planning, securities, and insurance. By 2007, Berkshire managed over C$12 billion. Later, a company called Manulife bought Berkshire, making Portland (Michael Lee-Chin's company) a major shareholder in Manulife.

In 2009, he sold AIC Limited to Manulife. The next year, Manulife changed the names of the AIC funds.

Today, Michael Lee-Chin is the founder and Chairman of Portland Holdings Inc. He is also the chairman and director of Mandeville Holdings Inc. He is also the Executive Chairman, CEO, and Portfolio Manager of Portland Investment Counsel Inc.

Smart Investment Choices

In the early 1990s, AIC grew a lot by investing in large companies like Merrill Lynch and TD bank. This helped investments grow from US$8 million in 1990 to almost US$8 billion by 1998.

Michael Lee-Chin was careful about investing in the "dotcom boom" of the late 1990s. While some investments lost value, his careful approach paid off after the dotcom crash in 2000 and 2001. AIC actually grew when many other companies were struggling.

In 2004, AIC Limited had to return CAD $58.8 million to investors. This was because some specific investors were allowed to trade too often, which was not fair to everyone. This was the largest penalty given to any fund company in that investigation.

In 2006, Michael Lee-Chin stepped down as CEO of AIC.

Personal Life

In 1974, Michael Lee-Chin married Vera Lee-Chin, whom he met at university. They later divorced. They had three children: Michael Jr., Paul, and Adrian.

He now lives in Burlington, Ontario, with his wife Sonya Lee-Chin. They have twin daughters, Elizabeth and Maria.

Wealth and Hobbies

Forbes magazine first listed Michael Lee-Chin as a billionaire in 2010. His wealth has been estimated between $1 billion and $2 billion.

He is known in Ontario for his amazing collection of Ferrari cars. His collection includes very rare models like a LaFerrari and a Ferrari Enzo.

In 2021, he received a huge superyacht named Ahpo, which was worth about US$354 million. It was even called Project Enzo during its building, showing his love for Ferraris. In 2023, he sold Ahpo to another Canadian billionaire, who renamed it Lady Jorgia.

Giving Back to the Community

Michael Lee-Chin is a big supporter of charities. In 2003, he promised to donate $30 million to the Royal Ontario Museum (ROM). He also gave $10 million to the Rotman School of Management at the University of Toronto. This gift helped create the Michael Lee-Chin Family Institute for Corporate Citizenship. This institute helps business leaders learn how to make their companies good citizens.

In 2014, Michael Lee-Chin and his family donated $10 million to the Joseph Brant Hospital Foundation.

In 2015, Michael Lee-Chin and his family received an award for being outstanding philanthropists.

Investing in the Caribbean

In the late 1990s and early 2000s, Jamaica faced financial problems. Michael Lee-Chin saw a chance to help his home country. Portland, his company, bought a large share of the National Commercial Bank of Jamaica.

In 2003, he started Senvia Money Services Inc., a company that helps people send money around the world. In 2004, he bought AIC Financial Group Limited in Trinidad.

He also planned to create the AIC Caribbean Fund. This fund aims to invest in businesses across the Caribbean, especially in Jamaica, Barbados, and Trinidad and Tobago. It has already made several big investments.

In 2006, Portland bought a large part of United General Insurance Company, Jamaica's biggest car insurer. They renamed it Advantage General Insurance Company. They also bought a controlling share in CVM Communications Group, which owns radio and TV stations and newspapers.

In the tourism industry, Michael Lee-Chin's company bought places like the Trident Villas and Spa in Jamaica, Reggae Beach, and Blue Lagoon.

Portland also entered the healthcare industry in 2006 by acquiring Medical Associates Ltd., a private hospital in Kingston, Jamaica.

Business Strategy

Michael Lee-Chin learned from successful investors like Warren Buffett. He uses a "buy, hold, and prosper" strategy. This means he buys good investments and holds onto them for a long time, expecting them to grow. He also invests in companies that manage money, which do well when the market is growing.

Businesses Owned or Operated by Michael Lee-Chin

• Columbus Communications –
  • Columbus Communications Jamaica Ltd / Flow Jamaica
    • FibraLink
    • CVM Television Group
    • Merit Communications
      • New World Network

* Americas Region Caribbean Optical-ring System (ARCOS)

• • • Sauce Cable Company
      • Affordable Enterprise Ltd
      • Cabana Cable Ltd
      • Dynamic Corp, a company in the making Eastern Cable Network Ltd
      • Home Commercial Satellite Ltd
      • Universal Cable Network Ltd
  • Columbus Communications Trinidad Ltd/Flow Trinidad
  • Columbus Communications Grenada Ltd/Flow Grenada
• Eastern Caribbean Gas Pipeline Company (ECGPC)
• National Commercial Bank Jamaica (NCB)
• Radio Jamaica
• Reggae Beach (resort), Jamaica
• Senvia
• Total Finance Bank of Trinidad & Tobago Ltd
• Trident Hotel (Resort)
• Wallenford Coffee

See also

• List of billionaires