Canadian investment manager, advocate for ethical business practices, and philanthropist Stephen Jarislowsky has passed away at the age of 101. Jarislowsky, born in Germany in 1925, established Jarislowsky Fraser & Co. in 1955 from the ground up, transforming the Montreal-based firm into Canada’s largest pension fund manager at one point.
Having worked in various locations including Kingston, Ont., Montreal, and New York, he returned to Montreal to launch his namesake firm with only $100 of his own funds and $50 from a partner. Over his more than six-decade tenure at Jarislowsky Fraser, he oversaw the management of approximately $40 billion in assets before retiring in 2012. In 2018, Scotiabank acquired the firm for $950 million.
Jarislowsky’s business acumen resulted in a substantial net worth of around $3.9 billion US, according to Forbes. He utilized his wealth to donate generously, including establishing numerous research chairs at Canadian universities. His family revealed that he had been awarded honorary degrees from 20 universities.
Among the accolades he received was the Order of Canada, recognizing his dedication to supporting higher education and promoting strong corporate governance practices. Notably, he was an advocate for shareholder rights and interests. In recent years, he initiated the creation of five endowed chairs aimed at educating future government leaders, citing concerns over political threats similar to those he witnessed in his youth.
The Jarislowsky Foundation, launched in 1991, has sponsored nearly 48 research chairs in areas such as democracy, governance, the environment, health, and Canadian art, contributing about $10 million annually. Universities have acknowledged his contributions with at least a dozen honorary degrees and unique gestures, such as McMaster University planting 99 trees to commemorate his 99th birthday.
In addition to his philanthropic endeavors, Jarislowsky served on multiple civic, charitable, and corporate boards, advocating for improved leadership and accountability in business. He played a key role in founding the Canadian Coalition for Good Governance in 2002, aiming to empower shareholders to hold executives accountable and enhance trust in capital markets. He also played a pivotal role in establishing the Institute for Governance of Private and Public Organizations of Quebec.
Jarislowsky is survived by his wife Gail and three children.