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 established Jarislowsky Fraser & Co. in 1955, starting from the ground up. Over the years, he transformed the Montreal-based firm into Canada’s largest pension fund manager.
After gaining experience in various cities, including Kingston, Ont., Montreal, and New York, Jarislowsky returned to Montreal to launch his namesake firm with an initial investment of $100 of his own money and $50 from a partner. He led Jarislowsky Fraser for more than six decades until his retirement in 2012, during which time the firm managed approximately $40 billion in assets. In 2018, Scotiabank acquired the firm for $950 million.
Jarislowsky’s business acumen amassed a fortune of around $3.9 billion US, according to Forbes. He generously donated a significant portion of his wealth, establishing numerous research chairs at Canadian universities. His family mentioned in a statement that he had been awarded honorary degrees from 20 universities.
Among his accolades was the Order of Canada, where he was recognized for his philanthropy and dedication to higher education and strong corporate governance practices. He was known for advocating for shareholders’ rights and interests.
In recent times, Jarislowsky funded five endowed chairs aimed at educating future government leaders, emphasizing the importance of understanding historical events to prevent their recurrence. The Jarislowsky Foundation, founded in 1991, supported nearly 48 research chairs in various fields, contributing about $10 million annually to causes such as democracy, governance, environment, health, and Canadian art.
Universities acknowledged his contributions through honorary degrees and unique gestures, such as McMaster University planting 99 trees in honor of his 99th birthday. Jarislowsky’s academic background included degrees in mechanical engineering, Far Eastern studies, and business administration from prestigious institutions.
Aside from his philanthropic endeavors, Jarislowsky actively participated on civic, charitable, and corporate boards, advocating for improved leadership and accountability in business. In 2002, he co-founded the Canadian Coalition for Good Governance to empower shareholders and enhance confidence in capital markets. He also played a key role in establishing the Institute for Governance of Private and Public Organizations of Quebec.
Stephen Jarislowsky is survived by his wife Gail and three children.