MONTREAL – Stephen Jarislowsky, one of Canada’s best-known and most outspoken investment managers, is preparing for retirement by stepping aside as chief executive of the firm he founded 57 years ago.

Jarislowsky Fraser Ltd. manages about $37 billion, so changes at the firm could unsettle some investors.

The firm said Jarislowsky, 87, will remain chairman of the board for a time and management will be headed by a committee of senior executives.

“Our decision to focus on lean, effective and empowered committees reflects our confidence in our people and their deep market and management experience,” Jarislowsky said in a statement.

“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.”

The firm will announce additions to its investment team in the coming months, he added.

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