Edward Johnson III
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Edward Crosby "Ned" Johnson III (June 29, 1930 – March 23, 2022) was an American billionaire businessman who, along with daughter Abigail Johnson, owned and ran
Fidelity Investments Fidelity Investments, commonly referred to as Fidelity, earlier as Fidelity Management & Research or FMR, is an American multinational financial services corporation based in Boston, Massachusetts. The company was established in 1946 and is o ...
and Fidelity International until his death in March 2022. In April 2021, his net worth was estimated at US$8.2 billion.


Early life

Johnson was the son of Elsie Livingston Johnson and Edward C. Johnson II. He attended prep school at
Milton Academy Milton Academy (also known as Milton) is a highly selective, coeducational, independent preparatory, boarding and day school in Milton, Massachusetts consisting of a grade 9–12 Upper School and a grade K–8 Lower School. Boarding is offered ...
before transferring to Tabor Academy, and graduated with a bachelor's degree from
Harvard College Harvard College is the undergraduate college of Harvard University, an Ivy League research university in Cambridge, Massachusetts. Founded in 1636, Harvard College is the original school of Harvard University, the oldest institution of higher lea ...
in 1954.


Career

After a stint in the
US Army The United States Army (USA) is the land service branch of the United States Armed Forces. It is one of the eight U.S. uniformed services, and is designated as the Army of the United States in the U.S. Constitution.Article II, section 2, cla ...
, he became a research analyst at Fidelity Investments in 1957, a company founded by his father 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 A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be con ...
services to banks, insurance companies, and consumers. He supported and invested in automation of brokerage sales and operations. In a November 2016, memo to Fidelity employees, Johnson announced he would retire in December and turn over the chairmanship to his daughter Abigail. Although he will no longer be a member of the board of directors, Johnson planned to "maintain office hours ... and continue to consult periodically with Abby."


Society memberships, awards, and honors

Johnson was a fellow of the
American Academy of Arts and Sciences The American Academy of Arts and Sciences (abbreviation: AAA&S) is one of the oldest learned societies in the United States. It was founded in 1780 during the American Revolution by John Adams, John Hancock, James Bowdoin, Andrew Oliver, a ...
, a trustee of the Beth Israel Hospital and the
Boston Museum of Fine Arts The Museum of Fine Arts (often abbreviated as MFA Boston or MFA) is an art museum in Boston, Massachusetts. It is the 20th-largest art museum in the world, measured by public gallery area. It contains 8,161 paintings and more than 450,000 works ...
and a member of the Boston Society of Security Analysts. He has been given
honorary doctorate An honorary degree is an academic degree for which a university (or other degree-awarding institution) has waived all of the usual requirements. It is also known by the Latin phrases ''honoris causa'' ("for the sake of the honour") or ''ad hon ...
s by
Boston University Boston University (BU) is a Private university, private research university in Boston, Massachusetts. The university is nonsectarian, but has a historical affiliation with the United Methodist Church. It was founded in 1839 by Methodists with ...
, Bentley College and the Hobart and William Smith Colleges. He was an honorary fellow of
London Business School London Business School (LBS) is a business school and a constituent college of the federal University of London. LBS was founded in 1964 and awards post-graduate degrees (Master's degrees in management and finance, MBA and PhD). Its motto is " ...
.


Wealth and philanthropy

With an estimated net worth of around $8.4 billion, he was ranked by ''
Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...
'' as the 57th richest person in America. In 1965, the USbased Fidelity Foundation was founded by Edward C. Johnson III and his father. The Edward C. Johnson Fund, a $334 million charitable fund,Beth Healy
"Abigail Johnson, after years of training, gets to put her stamp on Fidelity"
''The Boston Globe'', December 5, 2014. Retrieved August 6, 2015.
contributes to institutions in the Boston area and beyond.


Personal life

His wife is Elizabeth B. "Lillie" Johnson, a trustee of the Museum of Fine Arts and Winterthur Museum. They resided in Boston. His daughter Abigail took over the role of CEO of Fidelity Investments and chairman of Fidelity International in 2014. , Abigail owned up to 24% of the shares in Fidelity, had a net worth of $10.3 billion and was ranked 29th on the ''Forbes 400'' list of richest Americans. His other daughter is Elizabeth L. Johnson. In 2012, it was estimated that Elizabeth had a net worth of roughly $2.5 billion. His son, Edward Johnson IV, is president of family-owned Pembroke Real Estate. The firm manages 6.5 million square feet of office and residential real estate, including the Boston Seaport. In 2012, Edward's net worth was estimated at $2.5 billion. Johnson was born in
Milton, Massachusetts Milton is a town in Norfolk County, Massachusetts, United States and an affluent suburb of Boston. The population was 28,630 at the 2020 census. Milton is the birthplace of former U.S. President George H. W. Bush, and architect Buckminster Fuller. ...
. He served in the
United States Army The United States Army (USA) is the land warfare, land military branch, service branch of the United States Armed Forces. It is one of the eight Uniformed services of the United States, U.S. uniformed services, and is designated as the Army o ...
. On March 23, 2022, Johnson died "peacefully at his home in Florida surrounded by much of his family," according to his daughter Abby Johnson.Mutual Fund Billionaire Edward “Ned” Johnson III Dies At 91
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References


External links


Babson College Profile

IRS Form 990, Edward C. Johnson Fund, 82 Devonshire Street S3, Boston, MA, 020109, Anne Marie Soulli, Director.
* https://www.findagrave.com/memorial/238053399/edward-crosby-johnson {{DEFAULTSORT:Johnson, Edward 1930 births 2022 deaths People from Milton, Massachusetts Businesspeople from Massachusetts Military personnel from Massachusetts American money managers American financial analysts Harvard College alumni Stock and commodity market managers American philanthropists American billionaires United States Army soldiers American chief executives of financial services companies Milton Academy alumni Fidelity International 20th-century American businesspeople Tabor Academy (Massachusetts) alumni