Canadian investment manager, ethical business advocate, and philanthropist Stephen Jarislowsky has passed away at the age of 101. Born in Germany in 1925, Jarislowsky established Jarislowsky Fraser & Co. in 1955 and transformed the Montreal firm into Canada’s largest pension fund manager. With humble beginnings, he started the firm in Montreal with a meager $100 of his own money and $50 from a partner after working in various cities.
Over a span of more than six decades, Jarislowsky led Jarislowsky Fraser until his retirement in 2012, during which time the firm managed approximately $40 billion in assets. In 2018, Scotiabank acquired the company for $950 million. His business acumen amassed a fortune estimated at $3.9 billion US by Forbes, which he generously utilized to donate substantial sums, including establishing numerous research chairs at Canadian universities.
Jarislowsky’s philanthropic efforts were recognized with honorary degrees from 20 universities, alongside prestigious accolades such as the Order of Canada. Noted for his dedication to higher education and advocacy for robust corporate governance practices, he remained committed to defending shareholder rights and interests.
In his later years, Jarislowsky introduced five endowed chairs aimed at educating future government leaders, emphasizing the importance of learning from historical events to prevent their recurrence. His foundation, established in 1991, funded nearly 48 research chairs across various disciplines, contributing around $10 million annually to causes such as democracy, governance, the environment, health, and Canadian art.
Acknowledged for his civic contributions, Jarislowsky received numerous honorary degrees and unique gestures of recognition, such as McMaster University planting 99 trees in honor of his 99th birthday. Apart from his educational pursuits, he actively participated in civic, charitable, and corporate boards, advocating for improved leadership standards and accountability in business.
Survived by his wife Gail and three children, Jarislowsky’s legacy as a visionary investor, philanthropist, and advocate for ethical business practices will endure in the hearts of many.