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 Montreal in 1955, growing it from the ground up to become one of Canada’s leading pension fund managers. He started the firm with $100 of his own money and $50 from a partner after gaining experience in Kingston, Ont., Montreal, and New York.
Over a span of more than six decades, Jarislowsky led the firm until his retirement in 2012, during which time it managed approximately $40 billion in assets. In 2018, Scotiabank acquired the firm for $950 million. His business acumen propelled him to a net worth of around $3.9 billion US, which he generously used to donate substantial sums to establish research chairs at various Canadian universities.
Jarislowsky’s contributions were recognized with honorary degrees from 20 universities and the prestigious Order of Canada, acknowledging his dedication to higher education and advocacy for strong corporate governance principles. Additionally, he was lauded for his commitment to shareholder rights and interests.
In his later years, Jarislowsky focused on educating future government leaders, establishing five endowed chairs at Canadian universities. Reflecting on global political shifts, he warned about the importance of understanding history to prevent its repetition, particularly in the face of threats to democracy.
Through the Jarislowsky Foundation established in 1991, he funded numerous research chairs in areas such as democracy, governance, the environment, health, and Canadian art. His legacy also includes serving on various civic, charitable, and corporate boards, advocating for improved leadership and accountability in business.
Jarislowsky is survived by his wife Gail and three children, leaving behind a lasting impact on the worlds of finance, education, and philanthropy.