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 1955, growing it from the ground up into one of Canada’s leading pension fund managers.
Having worked in various locations including Kingston, Ont., Montreal, and New York, he returned to Montreal to launch his namesake firm with just a modest initial investment of $100 of his own funds and $50 from a partner. Over the span of more than six decades, Jarislowsky led the firm before retiring in 2012, overseeing approximately $40 billion in assets at that time.
In 2018, Scotiabank acquired Jarislowsky Fraser for $950 million. His successful business ventures amassed a fortune estimated at around $3.9 billion US, which he generously used to donate millions, including establishing numerous research chairs at Canadian universities. The news of his passing was confirmed by his family, who highlighted that he had been honored with honorary degrees from 20 universities.
Among his notable accolades was the Order of Canada, where he was recognized for his philanthropy and commitment to higher education. Known for promoting strong corporate governance and shareholder rights, Jarislowsky was also devoted to educating future leaders, especially in the context of political threats and totalitarianism.
Through the Jarislowsky Foundation, founded in 1991, he supported various research initiatives across different fields, contributing approximately $10 million yearly. Universities acknowledged his contributions with honorary degrees and unique gestures, such as McMaster University planting 99 trees to commemorate his 99th birthday.
Jarislowsky’s educational background included degrees in mechanical engineering, Far Eastern studies, and business administration from esteemed institutions like Cornell University, the University of Chicago, and Harvard Business School, respectively. In addition to his philanthropic efforts, he actively participated in civic, charitable, and corporate organizations, advocating for improved leadership and accountability in business.
He co-established the Canadian Coalition for Good Governance in 2002 to empower shareholders and enhance trust in capital markets. Jarislowsky’s legacy lives on through his wife Gail and three children, as well as through his impactful contributions to academia, governance, and society.
