Edward Johnson, III

Edward Johnson III
Born June 29, 1930
Residence Boston, MA, US
Nationality American
Education Milton Academy and Tabor Academy
Alma mater Harvard College
Occupation CEO and Chairman, Fidelity Investments
Net worth $7.3 billion[1]
Children Abigail Johnson
Parent(s) Edward C. Johnson II

Edward Crosby "Ned" Johnson III (born 29 June 1930) is an American investor and businessman who, along with daughter Abigail Johnson, owns and runs Fidelity Investments and Fidelity Worldwide Investment.

Education and career

Johnson attended prep school at Milton Academy before transferring to Tabor Academy and graduating with a Bachelor's degree from Harvard College in 1954. After a stint in the US Army, he became a research analyst at Fidelity Investments in 1957, a company founded by his father Edward C. Johnson II in 1949. He later became the portfolio manager for the Fidelity Trend Fund in 1960 and ran the famous Fidelity Magellan Fund from 1963 to 1977. He then became president of the company in 1972 and Chairman and CEO in 1977.

Johnson was the first to begin the practice of permitting check writing on money market funds. He was also the first to sell discount brokerage services to banks, insurance companies and consumers. He supported and invested in automation of brokerage sales and operations.

Society memberships, awards and honors

Johnson is a fellow of the American Academy of Arts and Sciences, a trustee of the Beth Israel Hospital and the Boston Museum of Fine Arts and a member of the Boston Society of Security Analysts.

He holds honorary doctorates from Boston University, Bentley College and the Hobart and William Smith Colleges.

Wealth and philanthropy

With an estimated current net worth of around $9.3 billion, he is ranked by Forbes as the 43rd richest person in America.[2]

His daughter Abigail, President of Fidelity Financial Services, oversees all of the firm's major businesses including asset management, retail and institutional brokers and retirement and benefit services.[3][4] Abigail owns up to 24% of the shares in Fidelity, has a net worth of $10.3 billion and is ranked 29th on the current Forbes 400 rich list.[5]

In 1965, the US–based Fidelity Foundation was founded by Edward C. Johnson III and his father.[6] The Edward C. Johnson Fund, a $231 million charitable fund, is also believed to exist.

Notes

  1. ↑ "Edward Johnson III". Forbes. Retrieved 3 January 2015.
  2. ↑ "Edward Johnson, III.". Forbes. Retrieved 7 December 2013.
  3. ↑ McLaughlin, Tim (August 28, 2012). "Fidelity's Abigail Johnson to head all main operations". Boston. Reuters. Retrieved September 4, 2012.
  4. ↑ Goodway, Nick (August 30, 2012). "Abigail Johnson: The $1,600,000,000,000 woman". The Independent (London). Retrieved September 4, 2012.
  5. ↑ "Forbes 400: Abigail Johnson". Forbes. March 2012. Retrieved September 4, 2012.
  6. ↑ "Fidelity Foundation overview" (PDF). Fidelity Foundation. p. 1. Retrieved September 4, 2012.

External links