Canadian investment manager, advocate for ethical business practices, and philanthropist Stephen Jarislowsky has passed away at the age of 101. Originally from Germany, Jarislowsky established Jarislowsky Fraser & Co. in 1955, growing the Montreal-based firm from the ground up to become one of Canada’s leading pension fund managers. Beginning with a modest investment of $100 of his own money and $50 from a partner, he expanded the firm’s assets to approximately $40 billion by the time he retired in 2012 after over six decades at the helm.
In 2018, Scotiabank acquired Jarislowsky Fraser for $950 million. Jarislowsky’s business acumen amassed a personal fortune of around $3.9 billion US, which he generously distributed through substantial donations, including the establishment of numerous research chairs at Canadian universities. Recognized for his philanthropy and advocacy for strong corporate governance, Jarislowsky received accolades such as the Order of Canada, commending his dedication to higher education and his commitment to shareholder rights.
In his later years, Jarislowsky focused on educating future leaders by endowing five chairs aimed at grooming government officials. Drawing parallels between current political threats and historical events, he emphasized the importance of learning from the past to prevent repeating mistakes. Through the Jarislowsky Foundation, he sponsored nearly 48 research chairs spanning various fields, contributing to the advancement of democracy, governance, the environment, health, and Canadian art.
Apart from his financial contributions, Jarislowsky actively participated in civic, charitable, and corporate initiatives, advocating for improved leadership and accountability in the business sector. He played a pivotal role in establishing organizations like the Canadian Coalition for Good Governance and the Institute for Governance of Private and Public Organizations of Quebec. Jarislowsky is survived by his wife Gail and three children, leaving behind a legacy of philanthropy and ethical business practices.
