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 founded Jarislowsky Fraser & Co. in 1955, starting from scratch and transforming it into one of Canada’s largest pension fund managers based in Montreal.
After gaining experience in Kingston, Ont., Montreal, and New York, he returned to Montreal to establish his firm with only $100 of his own money and $50 from a partner. Over the course of more than six decades, Jarislowsky led Jarislowsky Fraser, overseeing assets reaching around $40 billion by the time he retired in 2012. Subsequently, Scotiabank acquired the firm in 2018 for $950 million.
With a reported net worth of approximately $3.9 billion US, as per Forbes, Jarislowsky generously donated millions of dollars to various causes, including establishing numerous research chairs at Canadian universities. He received honorary degrees from 20 universities, as stated by his family in a release following his passing.
Among his accolades was the Order of Canada, recognizing his dedication to higher education and advocacy for strong corporate governance practices and shareholder rights. In addition to his financial contributions, he introduced endowed chairs to educate future government leaders, emphasizing the importance of understanding history to prevent its repetition, particularly in light of recent geopolitical developments.
The Jarislowsky Foundation, established in 1991, funded nearly 48 research chairs spanning democracy, governance, the environment, health, and Canadian art, with annual donations of around $10 million. Furthermore, universities honored his philanthropy with honorary degrees and unique gestures, such as McMaster University planting 99 trees to commemorate his 99th birthday.
Jarislowsky’s educational background includes a degree in mechanical engineering from Cornell University, a master’s degree in Far Eastern studies from the University of Chicago, and an MBA from Harvard Business School. In addition to his charitable endeavors, he actively participated in 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 to empower shareholders in holding executives accountable and enhancing confidence in capital markets. Jarislowsky also played a pivotal role in establishing the Institute for Governance of Private and Public Organizations of Quebec.
He is survived by his wife Gail and three children.