Website: jflglobal.com
Head office address (Canada): 1010 Sherbrooke Street W., 20th Floor, Montreal, QC H3A 2R7
Year established: 1955
Ownership structure: subsidiary of Scotiabank (TSX: BNS); operates as a business name of 1832 Asset Management L.P. under Scotia Global Asset Management
Target market/client profile: Canadian and international institutional investors, including pension funds, endowments, foundations, corporations, Indigenous communities, and high-net-worth individuals
Number of professional staff: over 200 employees, including more than 60 investment professionals
Canadian office locations: Montreal (head office), Toronto, Calgary, and Vancouver
Jarislowsky Fraser (JFL) is a Montreal-based investment management firm and a wholly-owned subsidiary of Scotiabank. JFL is among Canada’s largest active institutional asset managers. Its total AUM exceeded $58 billion as at 2025.
Jarislowsky Fraser opened in Montreal on June 6, 1955, as a securities research boutique. Founder Stephen A. Jarislowsky, a Harvard-educated investor and former Alcan executive, built it on a simple idea.
He believed that studying a company’s management, competition, and finances closely was the real foundation of lower-risk investing. The firm sold its research reports to major investment managers in the US and UK.
The early 1960s marked a turning point. Jarislowsky Fraser started applying its research directly by counselling private investors.
By 1966, the firm added its first pension fund mandate. That step opened the door to institutional investment management, which became its core focus over the decades that followed.
In February 2018, Scotiabank announced a deal to acquire Jarislowsky Fraser for $950 million. The transaction closed that year, with JFL bringing roughly $40 billion in AUM to the bank.
The acquisition of JFL by Scotiabank in 2018 also created one of Canada’s largest active asset managers. The firm kept its Montreal headquarters and maintained investment independence from its new parent.
In November 2025, JFL’s operations formally transferred to 1832 Asset Management L.P., a Scotiabank subsidiary. The private wealth side rebranded as Scotia Jarislowsky Fraser in 2026, but the institutional business kept its original name.
That same month, JFL expanded its institutional business development team with two new hires to grow its Canadian reach. Dexton Blackstock took on Central and Western Canada, while Karl Gagné led business development in the East.
JFL offers equity, fixed income, balanced, and private asset solutions across institutional mandates:
The firm also offers sub-advisory services and model portfolios to financial institutions seeking institutional-grade investment management for their retail clients. These cover separately managed account programs, mutual funds, and ETFs.
Through Scotiabank affiliate 1832 Asset Management L.P., JFL also provides Credit Absolute Return, Tactical Bond, and Investment Grade Corporate Bond strategies.
In January 2025, four Jarislowsky Fraser portfolio managers joined a BPM webinar on building resilient portfolios to discuss equity and fixed income themes for institutional investors. See the video below:
Adam Neal serves as Jarislowsky Fraser’s managing director and head of global institutional distribution. His work covers institutional client distribution across Canada and international markets. Neal holds a degree from Bishop’s University and has spent more than 25 years in the industry.
Other members of the Jarislowsky Fraser team include:
JFL operates under Scotiabank’s governance framework. It is also registered as an investment advisor with the US Securities and Exchange Commission.
Jarislowsky Fraser builds custom portfolios around each client’s specific investment objectives and policies. Pension funds make up a core part of its institutional base, with segregated mandates designed to respect each plan’s investment policy. The firm also says it is one of the largest managers of foundations and endowments in Canada.
Since 1999, JFL has served Indigenous communities through a dedicated internal team focused on capital preservation and long-term growth. The firm also works with single and multi-family offices across growth, income, and wealth preservation mandates. JFL operates four Canadian offices and serves clients in international markets.
Plan sponsors can find Jarislowsky Fraser listed in our Benefits and Pensions Monitor (BPM) directories:
Jarislowsky Fraser has earned a spot in BPM’s awards programs and plays an active role in Canada’s governance and investment community. The firm also works with several organizations focused on corporate governance and responsible investing.
Our BPM Hot List 2023 featured former Jarislowsky Fraser president and CEO Maxime Ménard. The inaugural list recognized 43 of Canada’s top professionals in benefits, pensions, and institutional investment.
JFL co-founded the Canadian Coalition for Good Governance (CCGG) and the Institute for Governance of Private and Public Organizations (IGOPP). Both work to raise corporate governance standards and improve shareholder protections. The firm is also a major participant in the Foundation for the Advancement of Shareholder Rights (FAIR).
Jarislowsky Fraser is a signatory of the Canadian Investor Statement on Diversity & Inclusion. The firm says it takes steps to promote diversity and inclusion across its portfolios and organization.
On the thought leadership front, the firm published a white paper examining AI investment risks and opportunities for institutional investors. The paper outlines how JFL applies its research-driven approach to AI-related equities.
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