Stephen A. Jarislowsky, CC GOQ is a Canadian business magnate, investor, and philanthropist. He is the Founder, Chairman and CEO of Jarislowsky Fraser Limited, which he built into one of the largest and most successful investment management firms in Canada, with over C$40 billion in assets under management.
Stephen Jarislowsky never set out to make anyone rich, least of all himself. Sure, he’s loaded. Over 63 years, the founder of investment manager Jarislowsky Fraser Ltd. has accumulated a fortune estimated at more than $2 billion. And, yes, he has spent his career helping top pension funds provide their members with cushy retirements, but extravagant wealth was never the goal. “It was preservation,” Jarislowsky says. “Make sure that these people, after having been our clients for 20, 30, 40, 50 years, would have a period in their lives — so-called golden years — without any worries about where the money is going to come from.”
Jarislowsky admits he could have sprinted and taken more risks, but he chose to run a marathon instead. That race is almost over. On February 12, the still feisty 92-year-old announced he would sell the firm that bears his name to the Bank of Nova Scotia for $950 million. The acquisition will shore up the bank’s relatively weak institutional investment arm, while assuring continuity for investors holding some $40 billion in assets under management.
Jarislowsky is a legend in Canada’s investment scene. He fled Nazi Germany, immigrated to the United States, joined that nation’s army to fight in the Second World War and then studied engineering at Cornell University and business at Harvard University — all before co-founding JFL in 1955.
As a fund manager, Jarislowsky was a pioneer and rabble-rouser. He introduced research techniques that went beyond mere asset valuation and sought to size up the managers themselves. Later on, in the 1990s, he turned his attention to the greed he witnessed in the executive ranks, tangling with titans over what he perceived as corporate wrongdoing.
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