Canadian investment manager, advocate for ethical business practices, and philanthropist Stephen Jarislowsky passed away at the age of 101. Born in Germany in 1925, he established Jarislowsky Fraser & Co. in 1955, growing the Montreal-based firm into Canada’s largest pension fund manager at one point.
Having worked in various locations including Kingston, Ont., Montreal, and New York, Jarislowsky returned to Montreal to launch his namesake firm with only $100 of his own money and $50 from a partner. Over more than six decades of leadership, he expanded the firm’s assets to approximately $40 billion before stepping down in 2012. Subsequently, Scotiabank acquired the company for $950 million in 2018.
His business acumen amassed a fortune of around $3.9 billion US, which he generously utilized for charitable donations, including establishing numerous research chairs at Canadian universities. Recognized for his contributions, Jarislowsky received honorary degrees from 20 universities.
Among his accolades was the Order of Canada, where he was commended for supporting higher education and promoting strong corporate governance practices. Further, he advocated for shareholder rights and interests throughout his career.
In his later years, Jarislowsky initiated the funding of five endowed chairs to educate future government leaders, emphasizing the importance of learning from historical events to prevent their recurrence. The Jarislowsky Foundation, founded in 1991, has sponsored nearly 48 research chairs in various fields, contributing approximately $10 million annually.
Aside from his philanthropy, Jarislowsky served on multiple civic, charitable, and corporate boards, championing improved leadership and accountability in business. He played a key role in establishing organizations like the Canadian Coalition for Good Governance and the Institute for Governance of Private and Public Organizations of Quebec.
Survived by his wife Gail and three children, Stephen Jarislowsky leaves behind a legacy of ethical business practices, philanthropy, and dedication to education and good governance.