Renowned Canadian investment manager, advocate for ethical business practices, and philanthropist Stephen Jarislowsky has passed away at the age of 101. Originally from Germany, Jarislowsky established Jarislowsky Fraser & Co. in Montreal in 1955, starting with a modest sum of $100 from his own funds and $50 from a partner. Over the years, he transformed the firm into Canada’s largest pension fund manager, managing approximately $40 billion in assets before his retirement in 2012.
In 2018, Scotiabank acquired Jarislowsky Fraser for $950 million. Jarislowsky’s successful business ventures amassed a fortune of around $3.9 billion US, which he generously utilized for philanthropic endeavors, including endowing research chairs at various Canadian universities. He received honorary degrees from 20 institutions in recognition of his contributions.
Among his accolades was being appointed a Companion of the Order of Canada, lauded for his dedication to higher education and advocacy for corporate governance and shareholder rights. Jarislowsky’s commitment to fostering future leaders was demonstrated through his establishment of endowed chairs aimed at educating upcoming government officials. He emphasized the importance of learning from historical events to prevent their recurrence, particularly in light of global political shifts.
The Jarislowsky Foundation, initiated in 1991, has funded nearly 48 research chairs spanning democracy, governance, the environment, health, and Canadian art. An advocate for leadership accountability, Jarislowsky co-founded the Canadian Coalition for Good Governance and played a key role in establishing the Institute for Governance of Private and Public Organizations of Quebec.
He is survived by his wife Gail and three children. Jarislowsky’s legacy extends beyond his business achievements, leaving a lasting impact on education, governance, and philanthropy in Canada.