Rank #3048
Michael Lee-Chin
Net worth $1.1B
Mutual funds · Canada
- Born
- Jan 03, 1951
- Age
- 75
- Source
- Mutual funds
- Residence
- Burlington
- Citizenship
- Canada
- Marital status
- Divorced
- Children
- 5
- Education
- Bachelor of Arts/Science, McMaster University
Net worth over time
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.
- 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.
Financial assets
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