Canadian investment manager, advocate for ethical business practices, and philanthropist Stephen Jarislowsky has passed away at the age of 101. Born in Germany in 1925, he established Jarislowsky Fraser & Co. in 1955, transforming it from a small Montreal firm into one of Canada’s leading pension fund managers. Starting with a modest investment of $100 of his own money and $50 from a partner, he grew the firm over six decades, stepping down in 2012 with assets totaling approximately $40 billion, later acquired by Scotiabank for $950 million in 2018.
Jarislowsky’s entrepreneurial success amassed a fortune of around $3.9 billion US, which he generously distributed through substantial donations, including endowing multiple research chairs at Canadian universities. Recognized for his contributions, he received honorary degrees from 20 universities and was appointed a Companion of the Order of Canada for his dedication to higher education, corporate governance advocacy, and defense of shareholder rights.
In his commitment to fostering future leaders, Jarislowsky recently established five endowed chairs aimed at educating aspiring government officials, emphasizing the importance of understanding historical contexts to prevent political pitfalls. Through the Jarislowsky Foundation, founded in 1991, he supported numerous research initiatives in democracy, governance, the environment, health, and Canadian art, contributing approximately $10 million annually.
Acknowledged for his civic endeavors, universities conferred him with numerous honorary degrees, with McMaster University notably planting 99 trees to commemorate his 99th birthday. Apart from his academic pursuits, Jarislowsky actively engaged in civic, charitable, and corporate governance roles, co-founding the Canadian Coalition for Good Governance in 2002 to enhance shareholder participation and promote accountability in capital markets. Additionally, he played a pivotal 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.