Micheal Lee-Chin steps down as AIC's CEO

[Tuff Gong]

Thu Oct 5, 2006
Micheal Lee-Chin steps down from AIC CEO position

Michael Lee-Chin is stepping down as Chief Executive Officer of AIC Limited the mutual fund company which he has developed into one of the biggest in Canada.

Mr. Lee-Chin announced his resignation Wednesday night at a gala celebrating AIC's 20th anniversary.

However he will continue as executive chairman of the company.

Mr. Lee-Chin will also continue as Executive Chairman of AIC's sister companies National Commercial Bank of Jamaica and Senvia Money Services.

Mr. Lee-Chin bought AIC in 1987 and helped build it up from a firm with less than one million dollars in assets to one of Canada's largest privately held mutual fund companies with nearly nine billion dollars in assets.

AIC's Chief Investment Officer Jonathan Wellum will succeed Mr. Lee-Chin as CEO.

http://www.radiojamaica.com/news/story.php?category=2&story=28861

[Hopyoneson]

Re: Micheal Lee-Chin steps down as AIC's CEO

You think him pulling a Bill Gates and stepping down to appease his critics but still holding the reign strong and steady, or to devote more time to JA. I know they were giving him a hard fight in Canada and also Jamaica lately.

[RichD]

Re: Micheal Lee-Chin steps down as AIC's CEO

hi funds have been taking a beating over the past two years

[Hopyoneson]

Re: Micheal Lee-Chin steps down as AIC's CEO

[ QUOTE ]
hi funds have been taking a beating over the past two years

[/ QUOTE ]
I thought AIC philosophy was to hold for the long term similar to Warren Buffet, and people wonder when these big CEOs lie and say the company doing well to meet public preceptions. You cant keep a good man down, a soh Sizzla seh so mi noh expect this man fi just vanish in a thin air still.

[RichD]

Re: Micheal Lee-Chin steps down as AIC's CEO

[ QUOTE ]
[ QUOTE ]
hi funds have been taking a beating over the past two years

[/ QUOTE ]
I thought AIC philosophy was to hold for the long term similar to Warren Buffet, and people wonder when these big CEOs lie and say the company doing well to meet public preceptions. You cant keep a good man down, a soh Sizzla seh so mi noh expect this man fi just vanish in a thin air still.

[/ QUOTE ]

maybe i that philosophy cause the downturn...goign back about 3 years redemtions were outstripping inflows from most funds in canada....many AIC funds were seen as underperforming resulting in a higher rate of redemptions

i think if you compare the funds under management numbers over the past few yarstherehas been a significant downward swing for them.

[Hopyoneson]

Re: Micheal Lee-Chin steps down as AIC's CEO

The Dow is now over 11K in the US unprecedented numbers, however I have swithed my long term holdings to emerging markets and international stocks I have little faith in the US economy right now, I am getting killed on domestic small caps. I like AIC phil, they are the majority holders in infosys and that company is just killing it right now. Ah well I am sure MLC pocket still full so I wont be crying for him.

[Gen]

Re: Micheal Lee-Chin steps down as AIC's CEO

mi a set fi look a likkle money pan the youtube IPO...if smaddy nuh buy dem fuss [img]/forums/images/graemlins/cool.gif[/img]

[Dr.Dudd]

Re: Micheal Lee-Chin steps down as AIC's CEO

[ QUOTE ]
mi a set fi look a likkle money pan the youtube IPO...if smaddy nuh buy dem fuss [img]/forums/images/graemlins/cool.gif[/img]

[/ QUOTE ]
You betta buy google if you wan't into Youtube.

[Morpheous]

Re: Micheal Lee-Chin steps down as AIC's CEO

[ QUOTE ]
[ QUOTE ]
mi a set fi look a likkle money pan the youtube IPO...if smaddy nuh buy dem fuss [img]/forums/images/graemlins/cool.gif[/img]

[/ QUOTE ]
You betta buy google if you wan't into Youtube.

[/ QUOTE ]
Better buy quick before youtube floats of the SM