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, transforming it from a small startup into a leading pension fund manager in Canada.
Having worked in various locations such as Kingston, Ont., Montreal, and New York, Jarislowsky returned to Montreal to launch his namesake firm with a modest initial investment of $100 of his own funds and $50 from a partner. Over a span of more than six decades, he 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.
Jarislowsky’s business acumen amassed a substantial fortune of around $3.9 billion US, as reported by Forbes. He utilized his wealth to generously donate millions of dollars, including the establishment of numerous research chairs at universities across Canada. His family confirmed that he had been conferred honorary degrees from 20 universities.
Among his accolades was the prestigious Order of Canada, recognizing his dedication to supporting higher education through the creation of university chairs and institutes in various academic fields. The citation highlighted his advocacy for robust corporate governance practices and his commitment to safeguarding shareholder rights and interests.
In recent years, Jarislowsky introduced five endowed chairs aimed at educating future government leaders, emphasizing the importance of understanding historical events to prevent their recurrence. He voiced concerns over political threats, drawing parallels between current geopolitical shifts and his childhood experiences.
Established in 1991, the Jarislowsky Foundation funded nearly 48 research chairs focusing on democracy, governance, the environment, health, and Canadian art, contributing approximately $10 million annually. His philanthropic efforts were recognized by universities through honorary degrees and unique gestures, such as McMaster University planting 99 trees to commemorate his 99th birthday.
In addition to his philanthropy, Jarislowsky served on various civic, charitable, and corporate boards, advocating for improved leadership and accountability in business. He co-founded the Canadian Coalition for Good Governance in 2002 to empower shareholders in holding executives accountable and restoring trust in capital markets. His involvement also extended to the establishment of the Institute for Governance of Private and Public Organizations of Quebec.
Stephen Jarislowsky is survived by his wife Gail and three children.