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, starting the Montreal-based firm from the ground up. Over the years, he transformed the company into one of Canada’s largest pension fund managers.
After gaining experience in Kingston, Ont., 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. For over 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 firm for $950 million.
Jarislowsky’s business acumen elevated his net worth to an estimated $3.9 billion US, as reported by Forbes. He generously contributed a substantial portion of his wealth to various causes, including endowing numerous research chairs at Canadian universities. His family revealed that he had received honorary degrees from 20 universities.
Among the accolades he received was the prestigious Order of Canada. His citation upon being appointed Companion of the Order highlighted his philanthropic efforts in supporting higher education and promoting strong corporate governance practices. Jarislowsky was a staunch advocate for shareholder rights and corporate accountability.
In his later years, Jarislowsky established five endowed chairs aimed at educating future government leaders, emphasizing the importance of learning from historical events to prevent their repetition. The Jarislowsky Foundation, founded in 1991, has funded nearly 48 research chairs across various fields, contributing around $10 million annually to causes related to democracy, governance, the environment, health, and Canadian art.
Recognized for his civic contributions, Jarislowsky received at least a dozen honorary degrees from universities and unique gestures, such as McMaster University planting 99 trees to commemorate his 99th birthday. Apart from his philanthropy, he actively served on civic, charitable, and corporate boards, advocating for improved leadership and accountability in business.
His legacy lives on through his wife Gail, and three children.