Renowned Canadian investment manager, advocate for ethical business practices, and philanthropist Stephen Jarislowsky has passed away at the age of 101. Born in Germany in 1925, Jarislowsky founded Jarislowsky Fraser & Co. in 1955, transforming it from a small startup into one of Canada’s leading pension fund managers based in Montreal.
Having worked in various cities including Kingston, Ontario, Montreal, and New York, Jarislowsky returned to Montreal to establish his namesake firm with an initial investment of $100 from himself and $50 from a partner. Over the span of more than six decades, he successfully led Jarislowsky Fraser until his retirement in 2012, during which time the firm managed assets totaling approximately $40 billion. In 2018, Scotiabank acquired the company for $950 million.
His business acumen resulted in a substantial net worth of around $3.9 billion US, as reported by Forbes. Jarislowsky generously donated a significant portion of his wealth to various causes, including funding research chairs at multiple Canadian universities. He was recognized with honorary degrees from 20 institutions.
Among his numerous accolades was the prestigious Order of Canada, where he was commended for his philanthropy, support of higher education, and advocacy for corporate governance best practices. Jarislowsky was known for his dedication to shareholder rights and interests.
In his later years, he established five endowed chairs aimed at educating future government leaders, emphasizing the importance of understanding historical events to prevent their recurrence. The Jarislowsky Foundation, established in 1991, has funded nearly 48 research chairs focusing on democracy, governance, the environment, health, and Canadian art.
Jarislowsky’s impact extended beyond financial contributions as he served on various civic, charitable, and corporate boards, advocating for improved leadership and accountability in the business sector. His efforts led to the formation of the Canadian Coalition for Good Governance in 2002 and the Institute for Governance of Private and Public Organizations of Quebec.
He is survived by his wife Gail and three children, leaving behind a legacy of philanthropy and advocacy for ethical business practices.