Michael Lee-Chin
Overview
- Source of Wealth
- Mutual funds
- Industry
- Finance & Investments
- Residence
- Burlington
- Education
- McMaster University (Bachelor of Arts/Science)
- Marital Status
- Divorced
- Children
- 5
Assets
- National Commerical Bank Jamaica1,506,354,000 shares @ --NCBFG-JM
Biography
Michael Lee-Chin made a fortune investing in financial companies like National Commercial Bank Jamaica and AIC Limited.
The native of Jamaica acquired AIC in 1987, when it had less than $1 million in assets under management.
Under Lee-Chin, the Canada-based wealth management and mutual fund business managed more than $10 billion in assets by 2002.
But the firm was hit hard by the 2008 recession, and Lee-Chin sold AIC to Canadian financial services group Manulife in 2009 for an undisclosed price.
He managed to hold onto a valuable 60% stake in National Commercial Bank Jamaica, which now makes up much of his wealth.
About
As a teenager, Lee-Chin worked landscaping at a hotel, then got a gig cleaning the engine room on the Jamaica Queen cruise ship.
Lee-Chin later worked as a road engineer for the Jamaican government after studying civil engineering at Canada's McMaster University.