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, he established Jarislowsky Fraser & Co. in 1955, transforming it from a small startup into Canada’s leading pension fund manager. Returning to Montreal after ventures in Kingston, Ont., and New York, he founded the firm with a modest initial investment of $150.
Over a span of more than sixty years, Jarislowsky led Jarislowsky Fraser until his retirement in 2012, with the firm managing assets totaling approximately $40 billion. In 2018, Scotiabank acquired the company for $950 million. His entrepreneurial success amassed a personal fortune of about $3.9 billion US, which he generously distributed through substantial donations, including the establishment of multiple research chairs at Canadian universities.
In addition to his business achievements, Jarislowsky was honored with the Order of Canada for his philanthropic efforts and dedication to advancing higher education. Recognized as a Companion of the Order, he was commended for his support of various academic fields and his advocacy for robust corporate governance practices and shareholder rights.
In recent years, Jarislowsky initiated endowed chairs aimed at educating future government leaders, emphasizing the importance of understanding historical events to prevent their recurrence. Through the Jarislowsky Foundation, he funded numerous research chairs focusing on democracy, governance, the environment, health, and Canadian art, underscoring his commitment to societal progress.
His contributions were acknowledged by universities nationwide, with Jarislowsky receiving numerous honorary degrees for his civic contributions and philanthropy. Beyond his academic pursuits, Jarislowsky actively participated on civic, charitable, and corporate boards, promoting effective leadership and accountability in the business realm. Notably, he co-founded the Canadian Coalition for Good Governance in 2002 and played a pivotal 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, leaving a lasting legacy in the realms of finance, philanthropy, and ethical leadership.
