with 26 per cent growth and 4 per cent decline respectively. In November 2003, AIC was part of a regulatory investigation involving 105 Canadian mutual funds companies. In its review of AIC, investigators found no evidence of late trading and market timing activity by AIC staff. However, the Ontario Securities Commission (OSC) did find that over the 1999–2003 period, AIC permitted specific third party investors to engage in market timing trades in AIC Funds that generated profits of $127 million. In the Settlement Agreement between AIC and the OSC, the OSC stated that "Accordingly, the conduct of AIC in failing to protect fully the best interests of the Relevant Funds in respect of the frequent trading market timing was contrary to the public interest." As a result, in December 2004, AIC Limited was forced to return CAD $58.8 million to affected investors, which was the largest penalty imposed on any of the fund companies in the OSC investigation. On 5 October 2006, Lee-Chin announced his resignation as CEO of AIC, to be replaced by Jonathan Wellum, AIC's chief investment officer. In 2005, two investment product managers offering structured products joined the Portland Holdings portfolio, Copernican Capital Corporation has offered retail investment products, primarily sold by brokers, and has raised more than C$800 million, in 10 closed end funds since its launch. Markland Street Asset Management, which launched the Oil Sands Sector Fund, raised C$430 million in one of Canada's largest closed-end IPOs. Private life In 1974, he married Vera Lee-Chin, a Ukrainian Canadian whom he had met at university. They separated in 1997 and are now divorced. Vera Lee-Chin had contested the terms of the separation agreement, claiming that Lee-Chin did not disclose his actual wealth at the time of the separation. The couple had three children, Michael Jr., Paul, and Adrian. Mr. Lee-Chin now lives with his wife Sonya Lee-Chin, with whom he has fraternal-twin daughters, Elizabeth and Maria, in Burlington, Ontario. Philanthropy In 2003, he made headlines when he pledged to donate $30 million to the Royal Ontario Museum (ROM) of which a third had been paid as of 2015. He also provided a $10 million gift to the Rotman School of Management at the University of Toronto. The gift established the Michael Lee-Chin Family Institute for Corporate Citizenship at the Rotman School of Management, University of Toronto. The Lee-Chin Institute's purpose is to help current and future