Stephen Jarislowsky, a prominent Canadian investment manager, advocate for ethical business practices, and philanthropist, has passed away at the age of 101.
Born in Germany in 1925, Jarislowsky established Jarislowsky Fraser & Co. in 1955, transforming the Montreal-based firm into one of Canada’s leading pension fund managers at its peak.
After gaining experience in Kingston, Ontario, Montreal, and New York, he returned to Montreal to launch his own company, starting with an investment of $100 from his personal savings and $50 from a partner.
Jarislowsky led the firm for over sixty years, retiring in 2012 when it was managing approximately $40 billion in assets.
In 2018, Scotiabank acquired the firm for $950 million.
His successful career resulted in a net worth of around $3.9 billion US, as reported by Forbes, a substantial fortune he generously allocated to philanthropic causes, including the establishment of numerous research chairs at Canadian universities.
His family announced his death, highlighting that he received honorary degrees from 20 universities.
Order of Canada
Jarislowsky was also awarded the Order of Canada. His citation upon being promoted to Companion of the Order noted his “generosity of spirit” and unwavering commitment to supporting higher education, having established university chairs and institutes across various fields, including medicine, management, and the arts.
Additionally, the citation recognized his strong advocacy for effective corporate governance and his persistent defense of shareholder rights and interests.
In recent years, he created five endowed chairs aimed at preparing the next generation of government leaders. Jarislowsky expressed concern over parallels between Russia’s invasion of Ukraine and the political threats he witnessed during his early years.
“It is crucial for people to learn from historical experiences to avoid repeating past mistakes,” Jarislowsky stated in a 2022 announcement of a $10 million donation to establish chairs at five Canadian universities focused on cultivating future politicians.
“Once democracy is lost in a country, it could take years to restore it, if at all.”
The Jarislowsky Foundation, founded in 1991, has funded nearly 48 research chairs in various fields, including democracy, governance, environmental issues, health, and Canadian art, contributing around $10 million annually, as noted by the University of Saskatchewan when the foundation created a new chair in regenerative agriculture.
Honorary degrees
In recognition of his civic contributions and philanthropy, universities have awarded him at least a dozen honorary degrees, with McMaster University commemorating his 99th birthday by planting 99 trees.
His educational background includes a degree in mechanical engineering from Cornell University, a master’s in Far Eastern studies from the University of Chicago, and an MBA from Harvard Business School.
In addition to his research contributions, Jarislowsky held positions on numerous civic, charitable, and corporate boards, advocating for enhanced leadership and accountability within the business sector.
In 2002, he co-founded the Canadian Coalition for Good Governance, aimed at empowering shareholders to hold executives accountable and restore trust in capital markets. He also played a key role in establishing the Institute for Governance of Private and Public Organizations of Quebec.
He is survived by his wife Gail and their three children.
