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, Jarislowsky established Jarislowsky Fraser & Co. in 1955, transforming it from a small startup into Canada’s leading pension fund manager. His journey included stints in Kingston, Ont., Montreal, and New York before returning to Montreal to launch his namesake firm with just $100 of his own funds and $50 from a partner.
Over a span of more than six decades, Jarislowsky led the growth of Jarislowsky Fraser before retiring in 2012, with the firm managing approximately $40 billion in assets at that time. In 2018, Scotiabank acquired the company for $950 million. His business acumen propelled his net worth to an estimated $3.9 billion US, which he generously used to make substantial donations, including funding numerous research chairs at Canadian universities.
Recognized for his contributions, Jarislowsky received honorary degrees from 20 universities and was appointed a Companion of the Order of Canada for his unwavering support of higher education and advocacy for strong corporate governance. In addition to his philanthropic endeavors, he was actively involved in fostering future government leaders by establishing endowed chairs at five Canadian universities.
The Jarislowsky Foundation, founded in 1991, has funded nearly 48 research chairs in various fields, contributing around $10 million annually. Beyond his financial contributions, Jarislowsky actively participated on civic, charitable, and corporate boards, emphasizing the importance of leadership and accountability in business. Notably, he co-founded the Canadian Coalition for Good Governance in 2002 and played a key role in establishing the Institute for Governance of Private and Public Organizations of Quebec.
Jarislowsky’s legacy extends to his family, survived by his wife Gail and three children. His impact on the business world, education sector, and philanthropy will be remembered for years to come.