Fraser was educated at St Mary's School, Melrose and Kelvinside Academy.
[4] He was given an honorary doctorate by the University of Stirling,[5] where one of the student residences is now named Fraser of Allander after him.
In 1981, he gifted the Mugdock Castle estate (purchased by his father) to the regional council as a country park.
[3][7] He was also a major benefactor to the Glasgow Scout Association and was chairman of Dumbarton Football Club.
It was alleged by a Channel 5 documentary that Fraser put up the money for an attempted abduction of Ronnie Biggs from Brazil, so the latter could stand trial in Britain for his part in the Great Train Robbery.