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 from scratch and transforming it into Canada’s largest pension fund manager at one point.
After working in various locations, including Kingston, Ont., Montreal, and New York, he returned to Montreal to establish his namesake firm with an initial investment of $100 from himself and $50 from a partner. Over more than six decades of leadership, Jarislowsky Fraser managed approximately $40 billion in assets before he stepped down in 2012. In 2018, Scotiabank acquired the firm for $950 million.
With a net worth of around $3.9 billion US, as reported by Forbes, Jarislowsky generously donated millions of dollars to various causes, including funding numerous research chairs at Canadian universities. His family revealed that he had received honorary degrees from 20 universities.
Among his accolades was the Order of Canada, recognizing his unwavering support for higher education and advocacy for strong corporate governance practices. He also championed shareholder rights and interests throughout his career.
In his later years, Jarislowsky established five endowed chairs aimed at educating future government leaders, emphasizing the importance of understanding historical experiences to prevent their repetition. The Jarislowsky Foundation, initiated in 1991, has funded nearly 48 research chairs in areas such as democracy, governance, the environment, health, and Canadian art.
Jarislowsky’s contributions were acknowledged by universities through honorary degrees and unique gestures, such as McMaster University planting 99 trees to commemorate his 99th birthday. His educational background included degrees in mechanical engineering from Cornell University, Far Eastern studies from the University of Chicago, and business administration from Harvard Business School.
In addition to his philanthropic endeavors, 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 confidence in capital markets. He also played a key 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.