Milton Wong

Last updated

Milton Wong OC OBC (born February 12, 1939 - December 31, 2011) was a Canadian businessman, financier, and philanthropist. [1] Wong became one of Canada's most prolific money managers and was the Chairman of HSBC. Many of his peers consider him one of the most innovative and tenacious financiers of his generation. Combined with his business acumen, Milton mentored and enabled an entire community of businessmen and investors. [2] [3]

Contents

Early life

Milton was born to Chinese immigrant parents Wong Kung Lai and Wong Chu Man. [4] He was the second-youngest of a family with four daughters and five sons. His father started a shop which was named Modernize Tailors in 1913. He was raised in Vancouver's Chinatown. After graduating from high school at Vancouver Technical Secondary, he went on to study economics and political science at the University of British Columbia. [4]

Career

Wong's foray in finance started after graduating from University in 1963 and together with co-founder Doug Knight, Milton started his financial management company, M.K. Wong and associates. [5] He later sold this firm to HSBC and became the head of HSBC Asset Manager (Canada) Ltd where took on managing billions of dollars within global assets. [3]

In addition to being a financier, he was an active venture capitalist and invested in numerous start-ups which include Nurse Next Door (a home care company) and Perceptronix Medical Inc. (a company that specializes in early cancer detection testing). He was a significant shareholder and director in a local medical imaging technology company named ALI Technologies Ltd, which was acquired by McKesson Corporation for $530 million US on May 3, 2002. [6] After the acquisition closed, ALI Technologies was renamed to McKesson Medical Imaging and maintains a significant R&D presence in Richmond, British Columbia.

In 1986, [7] Milton collaborated with Murray Leith Sr and Michael Ryan to fund and establish the Portfolio Management Foundation program [8] at UBC's Sauder School of Business. [3] This program is now home to the largest student run investment portfolio in Canada (valued at over 9 million CAD) and has many notable alumni and mentors. [9] Its influence on Vancouver's investment community has been significant. [5]

He was also a friend of former B.C. premier Mike Harcourt and a driving force behind Vancouver's Science World and a broker of British Columbia's first modern-day land claims agreement. [3] [10]

Wong had Christian roots. [11]

Boards and memberships

In addition to being active in the world of Canadian finance, he has been on the boards of a myriad of organizations. [10] [3]

Death and legacy

He died on December 31, 2011, at the age of 72 from complications of pancreatic cancer. [3]

He won the Freedom of the City Award of Vancouver for his outstanding contributions to the city. [14] He has been honoured with numerous awards such as the Order of Canada and the Order of British Columbia and has been commended by numerous Vancouver politicians such as Gregor Robertson and B.C. NDP Leader Adrian Dix for his business acumen, financial impact, civic leadership, and contributions to Canada. [10] In 2013 the Canadian International Dragon Boat Festival Society established the Milton K Wong Legacy Project to honour his memory. [15]

Two years prior to his death, a theatre was named in his and his wife's honour, Fei and Milton Wong Experimental Theatre. [16]

Related Research Articles

<span class="mw-page-title-main">Order of British Columbia</span> Civilian honour of the Canadian province of British Columbia

The Order of British Columbia is a civilian honour for merit in the Canadian province of British Columbia. Instituted in 1989 by Lieutenant Governor David Lam, on the advice of the Cabinet under Premier Bill Vander Zalm, the order is administered by the Governor-in-Council and is intended to honour current or former British Columbia residents for conspicuous achievements in any field, being thus described as the highest honour amongst all others conferred by the British Columbia Crown.

<span class="mw-page-title-main">David Lam</span> Canadian businessman (1923–2010)

David See-chai Lam, was a Hong Kong-born Canadian banker, businessman, investor, philanthropist, and politician. From 1988 to 1995, Lam was the 25th Lieutenant Governor of British Columbia, and he was the first Chinese Canadian to be appointed as a vice-regal in Canada. He was known for his charitable efforts, donating millions of dollars and leveraging millions more to support educational institutions and activities in Hong Kong, Canada, and the United States.

<span class="mw-page-title-main">Rick Hansen</span> Canadian track and field athlete (born 1957)

Richard Marvin Hansen is a Canadian track and field athlete, activist, and philanthropist for people with disabilities. Following a pickup truck crash at the age of 15, Hansen sustained a spinal cord injury and became a paraplegic. Hansen is most famous for his Man in Motion World Tour, in which he circled the globe in a wheelchair to raise funds for charity. He was inducted into Canada's Sports Hall of Fame in 2006. He was one of the final torchbearers in the 1988 Winter Olympics and the 2010 Winter Olympics. He was profiled and spoke during the 2010 Winter Paralympics opening ceremony.

<span class="mw-page-title-main">Colin Hansen</span> Canadian politician

Colin Hansen is a former politician in the Canadian province of British Columbia. He served as member of the Legislative Assembly of British Columbia from 1996 to 2013, representing the electoral district of Vancouver-Quilchena. As a member of the British Columbia Liberal Party caucus, he served in a variety of cabinet posts while that party was in power, including as the 11th Deputy Premier from June 2009 to March 2011, and twice as the province's Minister of Finance.

Patrick Wong is an accountant and a former politician in British Columbia, Canada. He was a member of the Legislative Assembly of British Columbia from 2001 through 2005, representing the riding of Vancouver-Kensington. He served as the Minister of State for Immigration and Multicultural Services from September 2004 to June 2005. He is a member of the British Columbia Liberal Party.

<span class="mw-page-title-main">Science World (Vancouver)</span> Science museum in British Columbia, Canada

Science World is a science centre run by a not-for-profit organization called ASTC Science World Society in Vancouver, British Columbia, Canada. It is located at the end of False Creek and features many permanent interactive exhibits and displays, as well as areas with varying topics throughout the years.

<i>Komagata Maru</i> incident 1914 exclusion of migrants in Vancouver

The Komagata Maru incident involved the Japanese steamship Komagata Maru, on which a group of people from British India attempted to immigrate to Canada in April 1914, but most were denied entry and forced to return to Budge Budge, Calcutta. There, the Indian Imperial Police attempted to arrest the group leaders. A riot ensued, and they were fired upon by the police, resulting in some deaths.

<span class="mw-page-title-main">UBC Sauder School of Business</span>

The UBC Sauder School of Business is the business school of the University of British Columbia. The faculty is located in Vancouver on UBC's Point Grey campus and has a secondary teaching facility at UBC Robson Square downtown. UBC Sauder has been accredited by AACSB since 2003. The current Dean is Darren Dahl.

<span class="mw-page-title-main">Vancouver Technical Secondary School</span> Secondary school in Vancouver, British Columbia, Canada

Vancouver Technical Secondary School, often referred to as Van Tech, is a public secondary school located on the East Side of Vancouver, British Columbia, Canada. Vancouver Technical currently offers Advanced Placement, Summit, Flex Humanities, and French Immersion programs.

<span class="mw-page-title-main">Wally Oppal</span> Canadian politician

Wallace Taroo "Wally" Oppal, is a Canadian lawyer, former judge and provincial politician. Between 2005 and 2009, he served as British Columbia's Attorney General and Minister responsible for Multiculturalism, as well as Member of the Legislative Assembly of British Columbia for the riding of Vancouver-Fraserview as part of the BC Liberals.

James Francis Carney was a Canadian archbishop of the Roman Catholic Church. He served as the eighth Archbishop of Vancouver, British Columbia, from 1964 until his death in 1990. He was the first Archbishop of Vancouver born in the city of Vancouver.

Donald Blake Rix, was a Canadian pathologist, philanthropist, community volunteer, and businessman. He was the founder and chair of MDS Metro Laboratory Services, the largest private medical laboratory in Western Canada.

<span class="mw-page-title-main">Michael Audain</span> Canadian home builder (born 1937)

Michael James Audain, is a Canadian home builder, philanthropist and art collector. He is the Chairman and major shareholder of the privately held Polygon Homes Ltd., one of the largest multi-family builders in British Columbia.

Robert H. Lee was a Canadian businessman, investor, and philanthropist. He was the founder and chairman of Prospero, a real estate firm in Vancouver, British Columbia.

Caleb Chan is a Hong Kong-born Canadian businessman and philanthropist. He is the chairman and chief executive officer of the International Land Group in San Francisco and of Burrard International Holdings in Vancouver.

Paul Lee is a Canadian video game developer, venture capitalist, businessman, and entrepreneur. He is the former President of Electronic Arts, a video game and interactive software company.

Frankie Edroff is a Canadian philanthropist who has fundraised over a million dollars for Variety, the Children's Charity. He was inducted into the Terry Fox Hall of Fame in 2006 and awarded with multiple medals including the Queen Elizabeth II Diamond Jubilee Medal in 2012.

Yuri Leith Fulmer, OBC is an Australian-born Canadian entrepreneur and philanthropist based in Vancouver, British Columbia. He is a member of the Order of British Columbia (2011), and was awarded the Queen's Diamond Jubilee Medal (2012).

David Sidoo is a Canadian stock promoter, businessman, philanthropist, and former professional Canadian football player. Sidoo played for the University of British Columbia Thunderbirds, and is an inductee in the UBC Sports Hall of Fame and the BC Football Hall of Fame. David Sidoo was inducted into the University of British Columbia (UBC) Football Frank Gnup Wall of Honour in the athlete category in 2019. The Wall of Honour recognizes the outstanding contributions and achievements of UBC Football players, coaches, and builders. Sidoo, a former UBC Thunderbirds defensive back, was also named one of the UBC Football Top 100 Players of All-Time.

References

  1. ↑ Alden E. Habacon (January 4, 2012). "Honouring Milton Wong - "I Have an Idea for a Magazine"". Schema Magazine.
  2. ↑ "Remembering Milton Wong". January 23, 2012. Archived from the original on March 31, 2012. Retrieved November 29, 2012.
  3. 1 2 3 4 5 6 Robert Matas (January 2, 2012). "Milton Wong, a tireless philanthropist, brought a lot to the table". The Globe and Mail . Retrieved September 27, 2019.
  4. 1 2 Stephen Hume (March 20, 2017). "Canada 150: Milton Wong was one of B.C.'s greatest benefactors". Vancouver Sun . Retrieved September 27, 2019.
  5. 1 2 Nick Rockel (February 4, 2013). "Vancouver's Biggest Money Managers" . Retrieved September 27, 2019.
  6. ↑ Wendy Stueck (May 3, 2002). "McKesson to buy B.C.'s ALI". The Globe and Mail. Retrieved September 27, 2019.
  7. ↑ PMF Program History
  8. ↑ Portfolio Management Foundation
  9. ↑ PMF Program Overview
  10. 1 2 3 "Business leader Milton Wong dies at 72". CBC.ca . January 2, 2012. Retrieved September 27, 2019.
  11. ↑ Douglas Todd (January 24, 2012). "Milton Wong's surprising spiritual roots". Vancouver Sun. Retrieved September 27, 2019.
  12. ↑ "Milton Wong, 1939 – 2011". University of British Columbia. January 2, 2012. Retrieved September 27, 2019.
  13. 1 2 "Milton Wong Profile". Bloomberg News . Archived from the original on 2018-09-03. Retrieved 2018-09-03.
  14. ↑ "Milton Wong" . Retrieved September 27, 2019.
  15. ↑ "Milton K. Wong Legacy Project". Canadian International Dragon Boat Festival Society. Retrieved September 27, 2019.
  16. ↑ Nasreen Gulamhusein (March 21, 2011). "Philanthropist Milton Wong". Montecristo Magazine.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.