It has been reported in the region’s media that billionaire investor Michael Lee-Chin is to establish a new investment fund that will seek to take positions in new and established Caribbean firms.
According to Kris Astaphan, deputy chairman of Lee Chin’s Canadian funds management company AIC, the US dollar-based fund will be launched by the second quarter of 2005, the Barbados Nation News has reported.
Astaphan gave no indication as to the size of the fund, although he revealed that assets will be concentrated in four key areas including tourism, the financial services, infrastructure and media/ communications. He indicated that telecommunications may also be added to this list.
Michael Lee-Chin first acquired AIC Limited in 1987 and retains a 95% stake in the organisation. Since taking control of the firm, he has overseen growth in assets under management from $1 million to a reported $14 billion.
In 2003, Lee Chin began to acquire assets in Jamaica, and owns almost 80% of the National Commercial Bank. Forbes estimated his personal net worth at $1.3 billion in 2003.
It is understood that Lee Chin has been holding discussions with several international financial institutions, high net worth individuals and Caribbean governments regarding participation in the fund.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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