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 Montreal firm into Canada’s leading pension fund manager.
Jarislowsky’s journey involved stints in Kingston, Ont., Montreal, and New York before returning to Montreal to launch his namesake firm with a modest initial investment of $100 of his own and $50 from a partner. Over a span of more than six decades, he steered Jarislowsky Fraser to manage approximately $40 billion in assets before stepping 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 dedicated a significant portion of his wealth to charitable endeavors, including establishing numerous research chairs at Canadian universities. He received honorary degrees from 20 universities, as noted by his family in the announcement of his passing.
Among his accolades was the Order of Canada, recognizing his commitment to supporting higher education and advocating for strong corporate governance principles. Beyond his business achievements, Jarislowsky emphasized the importance of historical awareness to prevent political threats, especially in light of recent global developments.
The Jarislowsky Foundation, initiated in 1991, funded nearly 48 research chairs across various fields such as democracy, governance, the environment, health, and Canadian art. In addition to his philanthropic initiatives, Jarislowsky actively participated on civic, charitable, and corporate boards, promoting better leadership and accountability in the business sector.
Survived by his wife Gail and three children, Jarislowsky’s legacy extends through his impactful contributions to education, governance, and societal well-being.