Michael Lee Chin (McMaster photo)

Michael Lee Chin (McMaster photo)

Globe and Mail capital markets reporter Tim Kilazde published a fun new interview with Michael Lee-Chin this morning.

Mr. Lee-Chin, who became a billionaire building mutual fund manager AIC Ltd., which sold to Manulife in 2009, thinks regular investors should invest in private asset classes.

“There is an absolute ‘dysfunctionality’ that is perverse and universal and systemic in the securities industry,” he argues. “Name one person in the world who has created his or her wealth by having a portfolio of 100 per cent publicly traded securities,” he says. Later, he adds: “The securities advisers, they are the pawns that keep this system going. Nothing in there has to do with keeping clients wealthy.”

The Canadian investing icon also hinted at a possible financial technology or "Fin-Tech" startup to come.

"So convinced is he that private assets are safe for the average investor that he suggests regulators shouldn’t bother with the accredited investor rule, which tends to limit these investments to wealthy individuals. Instead, he wants to “democratize” private equity investing."

To read the interview with Michael Lee-Chin, you will need a Globe Unlimited subscription (99 cents for the first month, C $24/month thereafter).

Link: Why Michael Lee-Chin has turned his back on public markets