Stephen Jarislowsky, billionaire investor and corporate governance champion, dies at 101

MONTREAL · Stephen Jarislowsky, the billionaire investor who co-founded one of Canada's largest asset management firms and became a pioneering champion of shareholder rights, has died at the age of 101. His family announced his death in a statement, calling him a visionary investor, philanthropist and committed citizen. Jarislowsky built Jarislowsky Fraser Ltd. from scratch in 1955, starting with $100 of his own money and $50 from a partner, and led it for more than six decades. The Bank of Nova Scotia acquired the Montreal firm in 2018 for $950 million.

He made his name as an early and forceful advocate for corporate governance, engaging in public battles with CEOs, family businesses and boards of directors. In 2002, he co-founded the Canadian Coalition for Good Governance, an influential lobby group. "Steve was a renaissance man whose range of knowledge and expertise were extraordinary," said former governor general David Johnston, a long-time friend. "Few people have had such an impact working to create a better Canada for all than Stephen." Conrad Black, the former media executive who was one of Jarislowsky's onetime sparring partners, paid tribute to him. "A German-Jewish fugitive from the pogroms of Europe, who became a breaker of Japanese codes for the U.S. Navy and ultimately the dean of money-managers in Canada, he was cantankerous, perceptive, and indomitable, but always a loyal and convivial friend," Black said in an email. Black added that Jarislowsky's intellectual energy and originality would be remembered and missed, and that he was unique.

Jarislowsky's business success gave him an estimated net worth of $3.9 billion US, according to Forbes. He used that wealth to become a major philanthropist, supporting the study of democracy at universities and building one of the country's finest private art collections. The Jarislowsky Foundation, launched in 1991, funded almost 48 research chairs and donated about $10 million a year. In 2022, his foundation donated $10 million to hire professors as "trust and political leadership chairs" at five liberal arts-focused universities.

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"People need to understand historical experiences in order to prevent repeating them," Jarislowsky said in a 2022 statement announcing the gift. "Once democracy disappears in a country, it takes years to re-establish if it is even possible." He had received honorary degrees from 20 universities and was a Companion of the Order of Canada. His citation noted his "generosity of spirit" and "unwavering" support for higher education. Born in Berlin in 1925 to Jewish parents, Jarislowsky fled Nazi-occupied Europe with his family, settling in Montreal in the 1950s after living in the Netherlands, France and the United States. He graduated from Cornell University with a mechanical engineering degree, served as a U.S. Army intelligence officer in Asia, and later earned an MBA from Harvard Business School. He took a job at Alcan Aluminum Ltd. before founding his firm with stockbroker Scott Fraser.

Jarislowsky was known for a low-risk, long-term investing philosophy focused on blue-chip stocks. He shared his approach in a 2005 book, "The Investment Zoo: Taming the Bulls and the Bears." Colleagues remembered a demanding but inspiring leader. "He had a way of making you think harder, aim higher, and he had an impeccable sense of humour," said Maxime Ménard, CEO of Fiera Capital, who worked with Jarislowsky for 25 years. "He gave generously of his time and wisdom, and he expected a lot from the people he believed in."

He remained actively engaged in business and philanthropy into his later years. Toronto-Dominion Bank deputy chair Frank McKenna called him one of the most fascinating Canadians he had ever met. McKenna said Jarislowsky's success in business was legendary, as should be his philanthropy, and that he was passionate about the study and promotion of democracy because he had witnessed its antithesis for much of his life. Jarislowsky is survived by his wife, Gail, and three children.

With files from The Canadian Press, The Globe and Mail and CBC News