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, growing it from the ground up into Canada’s leading pension fund manager.
Having worked in various cities including Kingston, Montreal, and New York, Jarislowsky returned to Montreal to launch his own firm with just $100 of his own money 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 approximately $40 billion in assets. In 2018, Scotiabank acquired the company for $950 million.
His business acumen elevated his net worth to an estimated $3.9 billion US, as reported by Forbes. Jarislowsky generously contributed substantial sums to establish numerous research chairs at Canadian universities. He was conferred honorary degrees from 20 universities, as confirmed by his family upon announcing his passing.
Among his accolades was the Order of Canada, recognizing his dedication to higher education, establishment of university chairs, and advocacy for robust corporate governance practices and shareholder rights. In recent years, Jarislowsky initiated the creation of five endowed chairs designed to educate future government leaders, emphasizing the importance of historical awareness to prevent political threats.
Established in 1991, the Jarislowsky Foundation funded nearly 48 research chairs in areas such as democracy, governance, the environment, health, and Canadian art, donating around $10 million annually. Universities acknowledged his philanthropic endeavors with over a dozen honorary degrees and unique gestures, such as McMaster University planting 99 trees to commemorate his 99th birthday.
In addition to his charitable contributions, Jarislowsky actively participated on civic, charitable, and corporate boards, advocating for enhanced leadership and accountability in business. He co-founded the Canadian Coalition for Good Governance in 2002 to empower shareholders in holding executives accountable and restore confidence in capital markets. He also played a pivotal 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.
