Stephen A. Jarislowsky
Encyclopedia
Stephen A. Jarislowsky, (born September 1925) is a Canadian financier
, businessman and philanthropist
. He is widely regarded as being the "Warren Buffett
of Canada". 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
.
His personal wealth was estimated at $1.3 billion in March 2011, making him the 22nd richest person in Canada.
, Germany
, the stepson of a steel mill owner in Germany who was ousted by the Nazis for harbouring Jews, Jarislowsky emigrated to the United States in 1941 after boarding schools in the Netherlands and France. He came of age and was deeply affected by the Great Depression
. In Asheville, North Carolina
, he attended preparatory school, and then studied mechanical engineering for two years at Cornell University
. With the US entry into World War II
, he served in the US Army. He finished basic training and studied Japanese at the University of Chicago
before serving in counter-intelligence
in Japan
after the war.
He returned to the University of Chicago in 1946 and graduated with an MA in Asian Studies and Phi Beta Kappa Honours. This was followed by a Masters in Business Administration from Harvard Business School
in 1949. For the next three years, he worked as an engineer for Alcan Aluminum
in Montreal. He briefly returned to the United States, but by June 1955 he returned to Montreal where he started Jarislowsky, Fraser & Company Limited.
In 2007, Jarislowsky's firm, which owns 18 percent of the shares of Canfor
, was embroiled in a bitter proxy fight with tycoon Jim Pattison
, who owns 25 percent. Pattison won and ousted CEO Jim Shepherd over Canfor's poor performance and declining share price, replacing him for the interim with Jim Shepard.
In several magazine and newspaper articles between 2002 and 2004, Jarislowsky correctly predicted the deep economic recession which began in 2008 in the United States and spread around the world. On December 16, 2008, in an interview on CBC's The Current
, he opined that the current recession would last at least two to five years and may last much longer if corrective measures are not taken by governments and the general public. He further argued that inflation
is the only solution in the circumstances to reducing the enormous debt loads held at all levels of society and that massive and immediate government spending is also needed to stimulate the economy.
and a Grand Officer (promoted from Knight) of the National Order of Quebec
. He has Honorary Doctorates of Law from Canadian universities including McGill University
, Queen's University
, University of Alberta
, McMaster University
, Université Laval
, Concordia University
, the University of Windsor
, the Université de Montréal
and the University of Ottawa
.
and Conrad Black
for their corporate excesses.
. In 1997, in a speech to the Westmount Municipal Association, Jarislowsky drew comparisons between Parizeau
and Bouchard
with the fascism of Franco's Spain and Hitler's Nazi Germany and told how, days after the 1995 referendum, he suggested the partition of Quebec and the transformation of Montreal into a City state. In his speech, he stated that his fellow citizens should oppose the PQ
which he said, "feed on the same kind of quasi religious fervor on which all fascists feed (be it the Soviet Union, Nazi Germany of fascist Italy, etc.) A Parizeau, a Bouchard should never be underestimated and, despite lullabies, should never put one to sleep."
In 2011, a journalist from La Presse, Denis Lessard, contacted him to discuss his 1997 statements. During the interview, Jarislowsky restated his opinion saying that the independence movement in Québec "is still driven by a religious fervour. The people who want the power at any cost will tell you all kind of stories to get it. It is maybe not Nazi... but it is fascist" ("[Le mouvement] est toujours animé d'une ferveur religieuse. Les gens qui veulent le pouvoir à tout prix vont raconter toutes sortes d'histoires pour l'obtenir. Ce n'est peut être pas nazi... mais c'est fasciste!") Following publication of this interview, Jarislowsky withdrew from the 2011 ADQ
party congress to which he was invited.
, Canfor
, Southam
, Swiss Bank Corp., Velan Valve Inc., Abitibi
and Goodfellow Lumber Inc. He has participated in educational, cultural and charitable activities, and with his wife Gail, to date has endowed eleven eponymous university chairs in Canada including those in Environment and Health (McMaster, established 2003); Families and Work (Guelph University, 2003); Religion and Conflict (Assumption University, Windsor
); Public Sector Management (University of Ottawa, 2003); International Business Administration (Laval, 2000); Urology (McGill); Finance (University of Alberta, School of Business); Biotechnology (Saskatchewan, 2004); Technology and International Competition (École Polytechnique de Montréal
); History (Concordia); and Public Sector Management (Ottawa, 2005). “All these chairs are concerned with excellence,” he is quoted as saying, "something Canadians have never really espoused".
Cultural contributions include The Stephen A Jarislowsky Dance Studio in Vancouver, and the Gail and Stephen A. Jarislowsky Institute for Studies in Canadian Art, established in 2001 at Concordia University in Montreal. He contributes frequently to television, radio, magazines and newspapers and is a frequent lecture speaker. In 2005 he published The Investment Zoo: Taming the Bulls and the Bears which sold more than 15,000 copies in Quebec and pushed the French edition of The Da Vinci Code
out of the top position on the bestseller list.
Financier
Financier is a term for a person who handles typically large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. The term is French, and derives from finance or payment...
, businessman and philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...
. He is widely regarded as being the "Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
of Canada". He is the Founder
Founder
Founder may refer to:* the starter of a private or public company, see Entrepreneur* 'Founder', a hoof ailment. See Laminitis#Founder* Founder , management status for Internet Relay Chat...
, 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
Assets under management
Assets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...
.
His personal wealth was estimated at $1.3 billion in March 2011, making him the 22nd richest person in Canada.
Biography
Born in BerlinBerlin
Berlin is the capital city of Germany and is one of the 16 states of Germany. With a population of 3.45 million people, Berlin is Germany's largest city. It is the second most populous city proper and the seventh most populous urban area in the European Union...
, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
, the stepson of a steel mill owner in Germany who was ousted by the Nazis for harbouring Jews, Jarislowsky emigrated to the United States in 1941 after boarding schools in the Netherlands and France. He came of age and was deeply affected by the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
. In Asheville, North Carolina
Asheville, North Carolina
Asheville is a city in and the county seat of Buncombe County, North Carolina, United States. It is the largest city in Western North Carolina, and the 11th largest city in North Carolina. The City is home to the United States National Climatic Data Center , which is the world's largest active...
, he attended preparatory school, and then studied mechanical engineering for two years at Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
. With the US entry into World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, he served in the US Army. He finished basic training and studied Japanese at the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
before serving in counter-intelligence
Counter-intelligence
Counterintelligence or counter-intelligence refers to efforts made by intelligence organizations to prevent hostile or enemy intelligence organizations from successfully gathering and collecting intelligence against them. National intelligence programs, and, by extension, the overall defenses of...
in Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
after the war.
He returned to the University of Chicago in 1946 and graduated with an MA in Asian Studies and Phi Beta Kappa Honours. This was followed by a Masters in Business Administration from Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
in 1949. For the next three years, he worked as an engineer for Alcan Aluminum
Alcan
Rio Tinto Alcan Inc. is a Canadian company based in Montreal. It was created on November 15, 2007 as the result of the merger between Rio Tinto PLC's Canadian subsidiary, Rio Tinto Canada Holding Inc., and Canadian company Alcan Inc. On the same date, Alcan Inc. was renamed Rio Tinto Alcan Inc..Rio...
in Montreal. He briefly returned to the United States, but by June 1955 he returned to Montreal where he started Jarislowsky, Fraser & Company Limited.
In 2007, Jarislowsky's firm, which owns 18 percent of the shares of Canfor
Canfor
Canfor Corporation is a Canadian integrated forest products company based in Vancouver, British Columbia. The company traces its roots to the late 1930s, when brothers-in-law John G. Prentice and L.L.G. "Poldi" Bentley and their families left their native Austria just before the outbreak of World...
, was embroiled in a bitter proxy fight with tycoon Jim Pattison
Jim Pattison
James Allen "Jim" Pattison, OC, OBC is a Vancouver-based Canadian entrepreneur who is the president, managing director, chief executive officer, chairman and sole owner of the Jim Pattison Group, the third largest privately held company in Canada...
, who owns 25 percent. Pattison won and ousted CEO Jim Shepherd over Canfor's poor performance and declining share price, replacing him for the interim with Jim Shepard.
In several magazine and newspaper articles between 2002 and 2004, Jarislowsky correctly predicted the deep economic recession which began in 2008 in the United States and spread around the world. On December 16, 2008, in an interview on CBC's The Current
The Current (radio program)
The Current is a Canadian current affairs radio program, hosted by investigative reporter Anna Maria Tremonti on CBC Radio One. It airs weekdays starting at 8:37 a.m. local time and runs until 10 a.m. for most of the year, although during the summer the program airs until 9:30 a.m...
, he opined that the current recession would last at least two to five years and may last much longer if corrective measures are not taken by governments and the general public. He further argued that inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
is the only solution in the circumstances to reducing the enormous debt loads held at all levels of society and that massive and immediate government spending is also needed to stimulate the economy.
Personal life
He is married and has four children. Jarislowsky is a Companion of the Order of CanadaOrder of Canada
The Order of Canada is a Canadian national order, admission into which is, within the system of orders, decorations, and medals of Canada, the second highest honour for merit...
and a Grand Officer (promoted from Knight) of the National Order of Quebec
National Order of Quebec
The National Order of Quebec, termed officially in French as l'Ordre national du Québec, and in English abbreviation as the Order of Quebec, is a civilian honour for merit in the Canadian province of Quebec...
. He has Honorary Doctorates of Law from Canadian universities including McGill University
McGill University
Mohammed Fathy is a public research university located in Montreal, Quebec, Canada. The university bears the name of James McGill, a prominent Montreal merchant from Glasgow, Scotland, whose bequest formed the beginning of the university...
, Queen's University
Queen's University
Queen's University, , is a public research university located in Kingston, Ontario, Canada. Founded on 16 October 1841, the university pre-dates the founding of Canada by 26 years. Queen's holds more more than of land throughout Ontario as well as Herstmonceux Castle in East Sussex, England...
, University of Alberta
University of Alberta
The University of Alberta is a public research university located in Edmonton, Alberta, Canada. Founded in 1908 by Alexander Cameron Rutherford, the first premier of Alberta and Henry Marshall Tory, its first president, it is widely recognized as one of the best universities in Canada...
, McMaster University
McMaster University
McMaster University is a public research university whose main campus is located in Hamilton, Ontario, Canada. The main campus is located on of land in the residential neighbourhood of Westdale, adjacent to Hamilton's Royal Botanical Gardens...
, Université Laval
Université Laval
Laval University is the oldest centre of education in Canada and was the first institution in North America to offer higher education in French...
, Concordia University
Concordia University
Concordia University is a comprehensive Canadian public university located in Montreal, Quebec, one of the two universities in the city where English is the primary language of instruction...
, the University of Windsor
University of Windsor
The University of Windsor is a public comprehensive and research university in Windsor, Ontario, Canada. It is Canada's southernmost university. It has a student population of approximately 15,000 full-time and part-time undergraduate students and over 1000 graduate students...
, the Université de Montréal
Université de Montréal
The Université de Montréal is a public francophone research university in Montreal, Quebec, Canada. It comprises thirteen faculties, more than sixty departments and two affiliated schools: the École Polytechnique and HEC Montréal...
and the University of Ottawa
University of Ottawa
The University of Ottawa is a bilingual, research-intensive, non-denominational, international university in Ottawa, Ontario. It is one of the oldest universities in Canada. It was originally established as the College of Bytown in 1848 by the Missionary Oblates of Mary Immaculate...
.
Business ethics
Apart from his personal business pursuits, he is an outspoken defender of business ethics (and a critic of ethical breaches). In 2002 he co-founded (with Claude Lamoureux) the Canadian Coalition for Good Governance to further this cause, focusing on such contemporaries as Frank StronachFrank Stronach
Frank Stronach, CM is an Austrian-Canadian businessman. He is the founder of Magna International, an international automotive parts company based in Aurora, Ontario, Canada, and Magna Entertainment Corp., which specializes in horse-racing entertainment...
and Conrad Black
Conrad Black
Conrad Moffat Black, Baron Black of Crossharbour, OC, KCSG, PC is a Canadian-born member of the British House of Lords, and a historian, columnist and publisher, who was for a time the third largest newspaper magnate in the world. Lord Black controlled Hollinger International, Inc...
for their corporate excesses.
Quebec separatism
Although not involved in politics, Jarislowsky is openly against Quebec nationalismQuebec nationalism
Quebec nationalism is a nationalist movement in the Canadian province of Quebec .-1534–1774:Canada was first a french colony. Jacques Cartier claimed it for France in 1534, and permanent French settlement began in 1608. It was part of New France, which constituted all French colonies in North America...
. In 1997, in a speech to the Westmount Municipal Association, Jarislowsky drew comparisons between Parizeau
Jacques Parizeau
Jacques Parizeau, is an economist and noted Quebec sovereignist who was the 26th Premier of the Canadian province of Quebec from September 26, 1994 to January 29, 1996.-Early life and career:...
and Bouchard
Lucien Bouchard
Lucien Bouchard, is a Canadian lawyer, diplomat, politician and former Minister of the Environment of the Canadian Federal Government. He was the Leader of Opposition in the Canadian House of Commons from 1993 to 1996, and the 27th Premier of Quebec from January 29, 1996 to March 8, 2001...
with the fascism of Franco's Spain and Hitler's Nazi Germany and told how, days after the 1995 referendum, he suggested the partition of Quebec and the transformation of Montreal into a City state. In his speech, he stated that his fellow citizens should oppose the PQ
Parti Québécois
The Parti Québécois is a centre-left political party that advocates national sovereignty for the province of Quebec and secession from Canada. The Party traditionally has support from the labour movement. Unlike many other social-democratic parties, its ties with the labour movement are informal...
which he said, "feed on the same kind of quasi religious fervor on which all fascists feed (be it the Soviet Union, Nazi Germany of fascist Italy, etc.) A Parizeau, a Bouchard should never be underestimated and, despite lullabies, should never put one to sleep."
In 2011, a journalist from La Presse, Denis Lessard, contacted him to discuss his 1997 statements. During the interview, Jarislowsky restated his opinion saying that the independence movement in Québec "is still driven by a religious fervour. The people who want the power at any cost will tell you all kind of stories to get it. It is maybe not Nazi... but it is fascist" ("[Le mouvement] est toujours animé d'une ferveur religieuse. Les gens qui veulent le pouvoir à tout prix vont raconter toutes sortes d'histoires pour l'obtenir. Ce n'est peut être pas nazi... mais c'est fasciste!") Following publication of this interview, Jarislowsky withdrew from the 2011 ADQ
Action démocratique du Québec
The Action démocratique du Québec, commonly referred to as the ADQ is a centre-right political party in Quebec, Canada. On the sovereignty question, it defines itself as autonomist, and has support from both soft nationalists and federalists....
party congress to which he was invited.
Boards and charities
He was a Director of the influential C.D. Howe Institute and has also been active in numerous other corporations besides his own including SNC-LavalinSNC-Lavalin
SNC-Lavalin Group Inc. is a large Canadian engineering firm. It is one of the ten largest engineering firms in the world and is based in Montreal, Quebec. It formed in 1991 from the merger of SNC and the failing Lavalin, another Quebec based engineering firm....
, Canfor
Canfor
Canfor Corporation is a Canadian integrated forest products company based in Vancouver, British Columbia. The company traces its roots to the late 1930s, when brothers-in-law John G. Prentice and L.L.G. "Poldi" Bentley and their families left their native Austria just before the outbreak of World...
, Southam
Southam
Southam is a small market town in the Stratford-on-Avon district of Warwickshire, England. The 2001 census recorded a population of 6,509 in the town.The nearest sizeable town to Southam is Leamington Spa, located roughly 7 miles to the west...
, Swiss Bank Corp., Velan Valve Inc., Abitibi
Abitibi-Consolidated
Abitibi Consolidated Inc. was a Canadian pulp and paper company based in Montreal, Quebec. Abitibi-Consolidated was formed from the merger of Abitibi-Price Inc. and Stone Consolidated Corp...
and Goodfellow Lumber Inc. He has participated in educational, cultural and charitable activities, and with his wife Gail, to date has endowed eleven eponymous university chairs in Canada including those in Environment and Health (McMaster, established 2003); Families and Work (Guelph University, 2003); Religion and Conflict (Assumption University, Windsor
Windsor, Ontario
Windsor is the southernmost city in Canada and is located in Southwestern Ontario at the western end of the heavily populated Quebec City – Windsor Corridor. It is within Essex County, Ontario, although administratively separated from the county government. Separated by the Detroit River, Windsor...
); Public Sector Management (University of Ottawa, 2003); International Business Administration (Laval, 2000); Urology (McGill); Finance (University of Alberta, School of Business); Biotechnology (Saskatchewan, 2004); Technology and International Competition (École Polytechnique de Montréal
École Polytechnique de Montréal
The École Polytechnique de Montréal is an engineering school/faculty affiliated with the University of Montreal in Montreal, Canada. It ranks first in Canada for the scope of its engineering research. It is occasionally referred to as Montreal Polytechnic, although in Quebec English its French...
); History (Concordia); and Public Sector Management (Ottawa, 2005). “All these chairs are concerned with excellence,” he is quoted as saying, "something Canadians have never really espoused".
Cultural contributions include The Stephen A Jarislowsky Dance Studio in Vancouver, and the Gail and Stephen A. Jarislowsky Institute for Studies in Canadian Art, established in 2001 at Concordia University in Montreal. He contributes frequently to television, radio, magazines and newspapers and is a frequent lecture speaker. In 2005 he published The Investment Zoo: Taming the Bulls and the Bears which sold more than 15,000 copies in Quebec and pushed the French edition of The Da Vinci Code
The Da Vinci Code
The Da Vinci Code is a 2003 mystery-detective novel written by Dan Brown. It follows symbologist Robert Langdon and Sophie Neveu as they investigate a murder in Paris's Louvre Museum and discover a battle between the Priory of Sion and Opus Dei over the possibility of Jesus having been married to...
out of the top position on the bestseller list.