2011-03-26

Edward C. Johnson, III

Edward Johnson, III

Edward Crosby "Ned" Johnson 3rd (born 29 June 1930) is an American investor and businessman who, along with daughter Abigail Johnson, owns and runs Fidelity Investments and Fidelity International. He is a scion of a prominent Boston family, the "Perkins" family.

Education and career

Johnson attended prep school at Milton Academy before transferring to Tabor Academy and graduated 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 in 1949. He became the portfolio manager for the Fidelity Trend Fund in 1960 and ran the famous Fidelity Magellan Fund from 1963 until 1977. He became president of the company in 1972 and chairman and CEO in 1977.

He started the practice of permitting check writing on money market funds. He was 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 .

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

Wealth

With an estimated current net worth of around $8.0 billion, he is ranked by Forbes as the 30th richest person in America.

His daughter Abigail, who now owns up to 24% of the shares in Fidelity, has a net worth of $11 billion and is ranked 17th on the Forbes rich list.

Charities

The Edward C. Johnson Fund, a $231 million charitable fund.

Notes

  1. 400 Richest Americans 2009 - Edward Johnson, Forbes, 30 Sept 2009

External links






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