Renowned Canadian investor, advocate for ethical business practices, and philanthropist Stephen Jarislowsky has passed away at the age of 101. Jarislowsky, who was originally from Germany and born in 1925, established Jarislowsky Fraser & Co. in 1955, transforming the Montreal-based firm into Canada’s largest pension fund manager at one point.
Starting with just $100 of his own money and $50 from a partner, Jarislowsky founded the firm after gaining experience in Kingston, Ontario, Montreal, and New York. Over a span of more than six decades, he led Jarislowsky Fraser until his retirement in 2012, during which time the firm managed approximately $40 billion in assets. The firm was later acquired by Scotiabank in 2018 for $950 million.
Jarislowsky’s business achievements amassed a fortune of around $3.9 billion US, which he generously utilized to donate millions of dollars, establishing numerous research chairs at various Canadian universities. He was honored with honorary degrees from 20 universities, as highlighted in a statement released by his family upon his passing.
Notable among his accolades was the Order of Canada, where he was recognized as a Companion for his dedication to higher education through the establishment of academic chairs and institutes across diverse fields. His commitment to advocating for robust corporate governance standards and shareholder rights was also acknowledged.
In his later years, Jarislowsky funded five endowed chairs aimed at educating future government leaders, emphasizing the importance of understanding historical events to prevent their recurrence. The Jarislowsky Foundation, founded in 1991, supported nearly 48 research chairs in critical areas such as democracy, governance, the environment, health, and Canadian art, with annual donations of approximately $10 million.
Apart from his philanthropic endeavors, Jarislowsky actively served on various civic, charitable, and corporate boards, promoting enhanced leadership and accountability in business. His co-founding of the Canadian Coalition for Good Governance in 2002 and involvement in establishing the Institute for Governance of Private and Public Organizations of Quebec underscore his commitment to fostering responsible corporate practices.
Stephen Jarislowsky is survived by his wife Gail and three children, leaving behind a lasting legacy in the realms of finance, philanthropy, and ethical business leadership.