posted on June 26: $5 million gift one of the largest in McMaster’s history

[img_inline align=”right” src=”http://padnws01.mcmaster.ca/images/LeeChinfinal.jpg” caption=”A television reporter interviews Michael Lee-Chin “]McMaster University and AIC Group of Funds, Canada's largest privately held mutual fund company, today announced a $5 million gift to create the AIC Institute for Strategic Business Studies in the Michael G. DeGroote School of Business at McMaster. It is one of the largest gifts in McMaster's history.

“This exciting partnership with AIC is an enormous opportunity that will allow the University to pursue a new direction in business studies,” said President Peter George. “AIC and its chairman and chief investment officer, Michael Lee-Chin, have demonstrated in the most generous way their confidence in McMaster's ability to deliver the educational programs and research needed in the field of investment management. Their foresight and leadership are inspiring.”

The AIC gift will support the creation of a chair in Investment and Portfolio Management. Two professorships will also be created, and a $500,000 fund will provide scholarships to business students. AIC will also help to finance the building of a new wing on the business school, a state-of-the-art facility that will house the Institute for Strategic Business Studies.

“Warren Buffet, who many of you will recognize as the world's most successful investor, recently emphasized the importance of developing sound business valuation skills among today's business students,” said Michael Lee-Chin. “At AIC, the foundation of our investment philosophy has long rested on our ability to value and buy excellent businesses, businesses we understand fully. By buying and holding these businesses, AIC investors have prospered as we have preserved and grown their capital and minimized taxes payable. On behalf of AIC, I am proud to lend support to McMaster University and the establishment of the AIC Institute for Strategic Business Studies which will enrich the skills of business school graduates for many years to come.”

Vishwanath Baba, dean of the Michael G. DeGroote Business School, said: “We believe strongly in bringing real-world experiences into the classroom. Our new alliance with AIC will enhance this bridge. Guest lecturers from AIC will give students insights into the world of finance and an understanding of the discipline needed to succeed. These opportunities to learn from an industry leader will give McMaster graduates a distinct advantage.”

AIC Group of Funds commenced operations in 1985 and has grown to become one of Canada's largest mutual fund companies, servicing almost one million investors. Assets under management total more than $14 billion.

Lee-Chin graduated from McMaster's Faculty of Engineering in 1974.