Renowned Canadian investor, advocate for ethical business practices, and philanthropist Stephen Jarislowsky has passed away at the age of 101. Jarislowsky, who was originally from Germany and born in 1925, established Jarislowsky Fraser & Co. in 1955, starting from the ground up. Over the years, he transformed the Montreal-based firm into Canada’s leading pension fund manager.
Having worked in various locations such as Kingston, Ontario, Montreal, and New York, Jarislowsky returned to Montreal to launch his namesake company with a modest initial investment of $100 from himself and $50 from a business partner. Leading Jarislowsky Fraser for more than six decades, he eventually stepped down in 2012, with the firm managing assets worth approximately $40 billion at that time.
In 2018, Scotiabank acquired Jarislowsky Fraser for $950 million, solidifying Jarislowsky’s financial success, which Forbes estimated at $3.9 billion US. He generously contributed significant amounts to various causes, including establishing numerous research chairs in Canadian universities.
Accumulating honorary degrees from 20 universities, Jarislowsky also received the prestigious Order of Canada. Recognized for his philanthropy and commitment to education, the Order’s citation highlighted his dedication to supporting higher education and advocating for strong corporate governance practices.
In his later years, Jarislowsky focused on educating future leaders by endowing five chairs aimed at training the next generation of government officials. Concerned about political threats and totalitarianism, he emphasized the importance of learning from history to prevent its repetition.
Through the Jarislowsky Foundation, established in 1991, he funded nearly 48 research chairs in areas such as democracy, governance, the environment, health, and Canadian art. His contributions to society were acknowledged by universities through honorary degrees and unique gestures, like McMaster University planting 99 trees to commemorate his 99th birthday.
In addition to his philanthropic endeavors, Jarislowsky served on numerous civic, charitable, and corporate boards, advocating for better leadership and accountability in business. He co-founded the Canadian Coalition for Good Governance in 2002 to empower shareholders and enhance trust in capital markets. Furthermore, he played a key role in establishing the Institute for Governance of Private and Public Organizations of Quebec.
Stephen Jarislowsky is survived by his wife Gail and three children, leaving behind a legacy of philanthropy, ethical business practices, and dedication to education and good governance.