Renowned Canadian investment manager, ethical business advocate, 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 cities, including Kingston, Montreal, and New York, he returned to Montreal to establish his own firm with an initial investment of $100 from himself and $50 from a partner. Over more than six decades of leadership, Jarislowsky grew the firm 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 generously donated millions of dollars to various causes, including funding numerous research chairs at Canadian universities. He was honored with 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 and shareholder rights. In recent years, he established five endowed chairs to educate future government leaders, emphasizing the importance of understanding historical experiences to prevent their repetition.
The Jarislowsky Foundation, founded in 1991, supported research in democracy, governance, the environment, health, and Canadian art, contributing about $10 million annually. Jarislowsky also actively participated on civic, charitable, and corporate boards to promote better leadership and accountability in business.
He is survived by his wife Gail and three children. Jarislowsky’s legacy of philanthropy, ethical business practices, and commitment to education and good governance will continue to inspire generations to come.