Michael Lee Chin at his AIC offices in Burlington, Canada. He notes that it takes many years to build a reputation and, once you do that, things become easier. - PHOTO BY BARBARA ELLINGTON
The following is the continuation of an interview in Monday's Gleaner of Michael Lee Chin, chairman of Canada-based financial company AIC, by Lifestyle Editor Barbara Ellington.
BE: Some people are concerned that your acquisitions are with the bank's money and say it could lead to another '90s-type crash. Is what you are doing detrimental to the bank's assets?
MLC: Blue Cross is the only acquisition on behalf of the bank. The Mutual Life Towers is AIC, Reggae Beach, a development for medical tourism; Trident, when it comes on stream; the former Port Antonio courthouse will become a bank and a museum, will all be for AIC. We are also in discussions with United General Insurance Company.
BE: Other than AIC Trinidad, are you looking anywhere else besides the Caribbean?
MLC: We are one of the largest shareholders in Infosys, India. Ghyanendra N. Bajpai, the former head of the Indian Security Exchange Commission and executive chairman of the Life Insurance Corporation of India, is now with AIC. He has access to Indian know-how which we hope to transfer to the Caribbean and his mandate is to start AIC India and distribute AIC funds from Canada.
BE: In 10 years where do you see all this?
MLC: We will continue to go where we are comfortable and partner with people with whom we are comfortable.
BE: Some of your critics in Canada say that where AIC funds are concerned, you have taken your eyes off the ball to focus on the Caribbean. Is that true?
MLC: We have a chief investment officer who oversees investment managers and the process. I am chief executive officer and a portfolio manager since 1987. If I cannot spend five days per month out of AIC, we are in big trouble. What if I were hit by a bus? My responsibility is that if I'm not here, the companies remain sound.
BE: Is it more difficult to garner this next phase of your wealth than it was to garner the first?
MLC: It takes many years to build a reputation and once you do that things become easier; not necessarily linear, but it takes struggle, discipline, focus. Then growth becomes exponential. Most people don't have the perseverance to stay with one philosophy and go through the gestation period. Once it's built, it goes into exponential growth curve. I don't think we are there yet.
BE: What would you say to AIC fund holders in light of continued negative press that leads to 'redemptions' and a fall in the bottom line?
MLC: Assets fell from $15 billion to $9 billion. It's not that we don't know how to stop it. But that's not the right thing to do. You have to stand for something in life. My goal is not necessarily to have the biggest mutual fund company in the world; it's to behave in a way that is 100 per cent congruent with being a growth investor. Every day won't be sunny but there must be consistency of behaviour on rainy and sunny days. Once principles are right we will prevail. From that standpoint, hopefully, people will see what the opportunities are and they will be encouraged to invest in AIC and in Jamaica.
BE: What's your driving force?
MLC: My driving force is the fact that in 1951 a baby was born to an orphaned, single teen in Portland. He went to a Canadian university, entered a most competitive financial sector and went back to Jamaica to buy the former Barclays Bank. Not very likely if one were asked, but it happened, so my attitude is, I am inordinately blessed.
There are many who are faster, brighter, more talented but they did not have my opportunities. My driving force, therefore, is that I was given an improbable situation and made it a reality, I will not abuse those blessings. I can be selfish with them or I can use them to do good and lead by example.
I would be a sell-out if I took my opportunities and showered myself. Plus, I'm passionate about what I do and curious to see how far we can take it.
BE: You are from a family of siblings who have followed your parents into the family business and taken it to the next level. Are you preparing your children to take over from you?
MLC: No, my wish for my sons and daughters is that they become independent people, that they are magnanimous, that they realise their blessings and make sure they use them to help others, that they become compassionate and be great role models. One son now works with me but they are not pressured to do it. However, two are showing early inclinations towards business.
BE: What is a typical day for you like?
MLC: I am up and reading at 5:00 in the mornings and into the gym from 6:00-7:30, on to breakfast and am out of the house by 8:30 to be at work by 9:00 a.m. I do desk work or am out in the field when here in Canada or doing road shows, managing the funds, dealing with business issues. I still advise my clients and when in Jamaica, I have a tight schedule also.
BE How do you relax and have fun?
MLC: Besides playing with my little girls and enjoying my family, I am now a photographer, so that is giving me added joy.
BE: What's been your biggest surprise along this journey?
MLC: The results that have come from building a reputation. I intuitively knew that your reputation is your passport, but I did not realise to what extent a good reputation could open doors, present opportunities, how far it would precede and lay the way for you.
BE: What's been your biggest disappointment?
MLC: That has been the way in which the media have portrayed me.
BE: What's your wish for Jamaica?
MLC: That every Jamaican child will be given the tools to be financially independent, wish others well and be great stewards to family and community.
Email feedback to barbara.ellington@gleanerjm.com
