Renowned 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 Montreal in 1955, starting with minimal capital. Over the years, he transformed the firm into one of Canada’s leading pension fund managers, managing billions of dollars in assets.
Having led Jarislowsky Fraser for over sixty years, Jarislowsky eventually retired in 2012 as the firm oversaw approximately $40 billion in assets. Subsequently, Scotiabank acquired the company in 2018 for $950 million. With a net worth of around $3.9 billion US, Jarislowsky generously donated substantial sums to various causes, including funding research chairs in Canadian universities.
Acknowledged for his contributions, Jarislowsky received numerous accolades, including the Order of Canada. His commitment to higher education and advocacy for corporate governance and shareholder rights were highlighted in his commendation as a Companion of the Order. Jarislowsky’s philanthropic efforts extended to establishing endowed chairs to educate future political leaders, emphasizing the importance of learning from history to safeguard democracy.
Through the Jarislowsky Foundation, established in 1991, he supported research initiatives in democracy, governance, the environment, health, and Canadian art. Universities recognized his civic engagement and philanthropy with honorary degrees, celebrating his dedication by planting trees or other symbolic gestures. In addition to his financial contributions, Jarislowsky actively participated in civic, charitable, and corporate boards, promoting effective leadership and accountability in business.
Survived by his wife Gail and three children, Jarislowsky leaves behind a legacy of philanthropy, ethical leadership, and a commitment to advancing societal well-being.