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, starting from scratch and transforming it into Canada’s largest pension fund manager at one point.
Having worked in various cities including Kingston, Ont., Montreal, and New York, he returned to Montreal to launch his namesake firm with an initial investment of $100 of his own money and $50 from a partner. Over a span of more than six decades, he led Jarislowsky Fraser until his retirement in 2012, during which the firm managed approximately $40 billion in assets. In 2018, Scotiabank acquired the firm for $950 million.
Jarislowsky’s business acumen amassed a fortune of around $3.9 billion US, according to Forbes. He utilized his wealth to make significant donations, particularly in establishing 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 Order of Canada. His citation upon being appointed Companion of the Order highlighted his dedication to supporting higher education by endowing university chairs and institutes across various academic fields. Additionally, he was recognized for his advocacy for robust corporate governance practices and shareholder rights.
In recent times, Jarislowsky introduced five endowed chairs aimed at shaping future government leaders. Concerned by global political shifts, particularly Russia’s invasion of Ukraine, he emphasized the importance of understanding historical events to prevent their recurrence. The Jarislowsky Foundation, established in 1991, has sponsored nearly 48 research chairs focusing on democracy, governance, the environment, health, and Canadian art.
Universities acknowledged his civic contributions and charitable endeavors with numerous honorary degrees and unique gestures, such as McMaster University planting 99 trees to commemorate his 99th birthday. In addition to his philanthropic efforts, Jarislowsky actively participated in civic, charitable, and corporate boards, advocating for enhanced leadership and accountability in business.
He played a pivotal role in founding the Canadian Coalition for Good Governance in 2002, aiming to empower shareholders in holding executives accountable and restoring trust in capital markets. Moreover, he was instrumental in establishing the Institute for Governance of Private and Public Organizations of Quebec.
Stephen Jarislowsky is survived by his wife Gail and three children.