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, he established Jarislowsky Fraser & Co. in 1955, growing it from the ground up to become Canada’s leading pension fund manager at one point.
With a humble start of $100 of his own money and $50 from a partner, Jarislowsky founded his namesake firm in Montreal after working in various locations including Kingston, Ont., and New York. Over more than six decades, he steered Jarislowsky Fraser until his retirement in 2012, during which the firm managed approximately $40 billion in assets. Subsequently, Scotiabank acquired the company in 2018 for $950 million.
His entrepreneurial achievements propelled his net worth to an estimated $3.9 billion US, according to Forbes, which he generously utilized for philanthropic endeavors such as funding numerous research chairs in Canadian universities. Recognized for his contributions, Jarislowsky received honorary degrees from 20 universities in acknowledgment of his commitment to higher education and advocacy for strong corporate governance practices and shareholder rights.
Among his accolades was the Order of Canada, where his dedication to education and governance was highlighted. In recent times, he established endowed chairs focusing on educating future political leaders, emphasizing the importance of understanding historical events to prevent their recurrence.
Jarislowsky’s philanthropic efforts extended to the creation of the Jarislowsky Foundation in 1991, which supported nearly 48 research chairs spanning democracy, governance, the environment, health, and Canadian art. Additionally, his civic impact was recognized with honorary degrees and unique tributes, such as McMaster University planting 99 trees to commemorate his 99th birthday.
Beyond his financial contributions, Jarislowsky actively served on various boards and played a pivotal role in promoting better leadership and accountability in business. He co-founded the Canadian Coalition for Good Governance in 2002 to empower shareholders in holding executives accountable and enhancing trust in capital markets. His legacy lives on through his wife Gail, and three children.