Billionaire investor Stephen Jarislowsky will step down as head of Jarislowsky Fraser Ltd., the Montreal-based firm that he founded in 1955, as it begins to put a succession plan in place.
Mr. Jarislowsky, 87, will stay on as chairman of the board, the company said Tuesday.
?Jarislowsky Fraser and its entire team of portfolio managers and research analysts remain committed to the disciplined, low-risk, bottom-up approach that the firm has taken throughout our 57-year history,? Mr. Jarislowsky said in a statement.
?In the coming months, the firm will announce additions to its investment team to strengthen the committee approach and to ensure succession at all levels.?
The company, one of Canada?s largest independent investment managers, manages more than $37-billion in assets.
Born in Berlin, Mr. Jarislowsky and his family moved to the United States in 1941, where he later graduated from Cornell University. After completing an MBA from Harvard University, he moved to Montreal in 1949. He was promoted to the rank of Companion of the Order of Canada in 2008.
Among other changes at the firm, 27-year Jarislowsky Fraser veteran Pierre Lapointe will become chairman of the executive committee, which will continue to handle overall management of the firm. Erin O?Brien will join the committee as head of operations.
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