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, he established Jarislowsky Fraser & Co. in 1955, starting from the ground up and transforming the Montreal-based firm into Canada’s leading pension fund manager.
After working in various locations including Kingston, Ont., Montreal, and New York, Jarislowsky returned to Montreal to launch his namesake company with a mere $100 of his own funds and $50 from a partner. Over the span of more than six decades, he steered Jarislowsky Fraser’s growth until his retirement in 2012, with the firm managing approximately $40 billion in assets at that time. In 2018, Scotiabank acquired the company for $950 million.
Jarislowsky’s entrepreneurial achievements amassed a fortune of around $3.9 billion US, as reported by Forbes. He utilized his wealth to contribute millions of dollars towards various causes, including establishing numerous research chairs at Canadian universities. His family announced that he had received honorary degrees from 20 universities.
Among his accolades was the prestigious Order of Canada. The citation upon his appointment as Companion of the Order praised his philanthropy and dedication to supporting higher education through the establishment of university chairs across diverse academic fields. Additionally, it highlighted his advocacy for robust corporate governance standards and protection of shareholder rights.
In his later years, Jarislowsky introduced five endowed chairs aimed at educating future government leaders, emphasizing the importance of learning from historical events to prevent their recurrence. The Jarislowsky Foundation, founded in 1991, sponsored nearly 48 research chairs focusing on democracy, governance, the environment, health, and Canadian art. The foundation consistently donated approximately $10 million annually towards these endeavors.
Throughout his career, Jarislowsky actively participated on various civic, charitable, and corporate boards, advocating for enhanced leadership and accountability in business. He played a pivotal role in establishing the Canadian Coalition for Good Governance in 2002, aiming to empower shareholders in holding executives accountable and restoring trust in capital markets. His legacy includes co-founding the Institute for Governance of Private and Public Organizations of Quebec.
Stephen Jarislowsky is survived by his wife Gail and three children.