Renowned Canadian investor, advocate for ethical business practices, and philanthropist Stephen Jarislowsky has passed away at the age of 101. Born in Germany in 1925, Jarislowsky founded Jarislowsky Fraser & Co. in 1955, starting from scratch. Over the years, he transformed the Montreal-based firm into Canada’s largest pension fund manager.
After working in various locations including Kingston, Ont., Montreal, and New York, he returned to Montreal to establish his namesake firm with just $100 of his own money and $50 from a partner. Jarislowsky led the firm for over six decades until his retirement in 2012, during which time the company managed approximately $40 billion in assets. In 2018, Scotiabank acquired the firm for $950 million.
His business acumen elevated his net worth to an estimated $3.9 billion US, which he generously used for philanthropy, including donating millions to establish numerous research chairs at Canadian universities. His family revealed that he had been awarded honorary degrees from 20 universities.
Among his many accolades was the prestigious Order of Canada. His commendation upon being promoted to Companion of the Order highlighted his unwavering support for higher education and strong advocacy for corporate governance practices and shareholder rights.
In recent years, Jarislowsky funded five endowed chairs aimed at educating future government leaders, emphasizing the importance of learning from historical experiences to prevent their repetition. The Jarislowsky Foundation, founded in 1991, has supported nearly 48 research chairs in areas such as democracy, governance, the environment, health, and Canadian art.
Universities recognized his contributions with numerous honorary degrees and unique gestures, such as McMaster University planting 99 trees to commemorate his 99th birthday. Jarislowsky, who held degrees in mechanical engineering, Far Eastern studies, and business administration, also actively served on civic, charitable, and corporate boards, advocating for better leadership and accountability in business.
His legacy lives on through his wife, Gail, and three children.