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During recent market turmoil, Micheal Lee-Chin’s wealth was cushioned by private equity investments.
During recent market turmoil, Micheal Lee-Chin’s wealth was cushioned by private equity investments.
(J.P. MOCZULSKI For The Globe and Mail)

Michael Lee-Chin’s private equity gamble

Michael Lee-Chin is best known for building AIC Ltd. into one of the largest independent mutual fund companies in the country. But after his value-investing strategy and commitment to financial assets missed out on market gains due to events such as the commodities boom that began in the early 2000s, investors left in droves. By the time AIC was sold to Manulife Financial Corp. in the throes of the economic downturn in 2009, the company’s assets had fallen by 75 per cent.