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 transformed it into Canada’s largest pension fund manager at one point.
After working in various cities, including Kingston, Ont., Montreal, and New York, he returned to Montreal to establish his namesake firm with an initial investment of $100 of his own money and $50 from a partner. Over more than six decades, he led Jarislowsky Fraser until his retirement in 2012, during which the firm managed approximately $40 billion in assets. In 2018, Scotiabank acquired the firm for $950 million.
With a net worth of around $3.9 billion US, according to Forbes, Jarislowsky generously donated millions of dollars to various causes, including the creation of numerous research chairs at Canadian universities. He received honorary degrees from 20 universities during his lifetime.
Among his accolades was the Order of Canada, recognizing his commitment to higher education, establishment of university chairs across diverse academic fields, promotion of strong corporate governance practices, and advocacy for shareholder rights.
In recent years, Jarislowsky introduced five endowed chairs aimed at educating future government leaders, emphasizing the importance of understanding historical experiences to prevent their repetition. His philanthropic efforts through the Jarislowsky Foundation have funded nearly 48 research chairs in areas such as democracy, governance, the environment, health, and Canadian art.
Recognizing his civic contributions, universities awarded Jarislowsky with at least a dozen honorary degrees and unique gestures, such as McMaster University planting 99 trees to honor his 99th birthday. His educational background includes degrees in mechanical engineering, Far Eastern studies, and business administration from prestigious institutions.
Aside from his philanthropy, Jarislowsky played key roles on various civic, charitable, and corporate boards, advocating for improved leadership and accountability in business. He co-founded the Canadian Coalition for Good Governance in 2002 and was pivotal in establishing the Institute for Governance of Private and Public Organizations of Quebec.
Survived by his wife Gail and three children, Stephen Jarislowsky leaves behind a lasting legacy of business success, ethical leadership, and philanthropy that has positively impacted countless individuals and institutions.