Michael Lee-Chin
Born: Port Antonio, Jamaica, 1951
Company: AIC Limited
Position: Founder, Executive Chairman
Industry: Financial Services
Country: Canada
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Jamaican born Billionaire, made his fortune in Canada providing financial services. Stepped down as Chief Executive Officer of AIC Limited on October 4, 2006. Will continue in his role as Executive Chairman of AIC Limited, as well as Executive Chairman of AIC’s sister companies, the Berkshire group of companies, National Commercial Bank of Jamaica (NCB) and Senvia Money Services.
Michael Lee-Chin acquired AIC Limited in 1987, and has over the years, taken the organization from $1 million to more than $8 billion in assets under management. Michael is a graduate of McMaster University with a degree in Civil Engineering. He entered the financial services industry in 1977 as a financial advisor. Upon acquiring AIC, Michael assumed the positions of Chairman and Chief Executive Officer.
Michael has distinct beliefs regarding wealth creation, role modelship, and his firm’s investment strategy. AIC’s goal is to create long-term wealth for investors. To achieve that objective, Michael looked for role models – those business people who created wealth in society by owning one or two businesses. For this reason, Michael established AIC’s investment philosophy of buying few excellent businesses in long-term growth sectors and holding these businesses for the long term in order to help AIC investors prosper by preserving and growing their capital and minimizing taxes.
As a result of his investment philosophy, AIC stands today as one of the largest privately held mutual fund companies in Canada. Michael was named Entrepreneur of the Year in 1997. In 2002, he earned the Harry Jerome Award for a decade of achievement. Michael has been profiled in Forbes, Fortune, Canadian Business, Black Enterprise, National Post and Time magazines.
Under his stewardship, AIC purchased 75% of the National Commercial Bank of Jamaica in 2002. In November 2003, Michael received an honorary Doctor of Laws degree from McMaster University in recognition of his business success and philanthropic initiatives, and in July 2004 was honoured by Time magazine as one of Canada’s Heroes and one of the country’s most intriguing and inspiring citizens
Forbes Magazine ranks him as the 365th (2006) richest person in the world with a net worth of $2.1 billion, making him the richest black person in the world. Recently formed a $1 billion private equity group based in Toronto to invest in the Caribbean.
If you aim at nothing you'll hit it with amazing accuracity.
INVESTMENT PHILOSOPHY
- Use other people's money
- Find a role model
- Invest in a few businesses you understand
- Stay committed to your investment philosophy
Business Ventures
AIC Limited - www.aic.com
Berkshire Group - www.berkshire.ca
Columbus Communications
Cable Bahamas - www.cablebahamas.com
Caribbean Crossings - www.caribbeancrossings.com
Columbus Communications Jamaica Ltd. / Flow Jamaica - www.flowjamaica.com
FibraLink - www.fibralink.com
CVM Television Group - www.cvmtv.com
Merit Communications - www.meritcom.net
New World Network - www.nwncable.com
Americas Region Caribbean Optical-ring System (ARCOS)
Sauce Cable Company
Affordable Enterprise Ltd.
Cabana Cable Ltd.
Eastern Cable Network Ltd.
Home Commercial Satellite Ltd.
Universal Cable Network Ltd.
Trinidad and Tobago Trans-Cable Company - www.cc.tt
National Commercial Bank of Jamaica (NCB) - www.jncb.com
Radio Jamaica - www.radiojamaica.com
Reggae Beach (resort), Jamaica
Senvia - www.senvia.com
Total Finance Bank of Trinidad & Tobago Ltd.
Trident Hotel (Resort) - www.tridentjamaica.com
Links:www.forbes.com/maserati/billionaires2004/LIR7TE8.html
www.findarticles.com/p/articles/mi_m1365/is_1_33/ai_89648488
