Edward Johnson, III
Encyclopedia
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.
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 Edward C. Johnson II 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.
, 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
.
as the 40th 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.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
investor and businessman who, along with daughter Abigail Johnson, owns and runs Fidelity Investments
Fidelity Investments
FMR LLC or Fidelity Investments is an American multinational financial services corporation one of the largest mutual fund and financial services groups in the world. It was founded in 1946 and serves North American investors. Fidelity Ventures is its venture capital arm...
and Fidelity International. He is a scion of a prominent Boston family, the "Perkins" family.
Education and career
Johnson attended prep school at Milton AcademyMilton Academy
Milton Academy is a 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 starting in 9th grade...
before transferring to Tabor Academy
Tabor Academy
Tabor Academy is a highly selective independent preparatory school located in Marion, Massachusetts, United States. Tabor is known for its marine science courses...
and graduated with a Bachelor's degree from Harvard College
Harvard College
Harvard College, in Cambridge, Massachusetts, is one of two schools within Harvard University granting undergraduate degrees...
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 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 SciencesAmerican Academy of Arts and Sciences
The American Academy of Arts and Sciences is an independent policy research center that conducts multidisciplinary studies of complex and emerging problems. The Academy’s elected members are leaders in the academic disciplines, the arts, business, and public affairs.James Bowdoin, John Adams, and...
, a trustee of the Beth Israel Hospital
Beth Israel Hospital
Beth Israel Hospital may refer to:*Beth Israel Deaconess Medical Center in Boston*Beth Israel Medical Center in Manhattan*Beth Israel Medical Center in Newark...
and the Boston Museum of Fine Arts and a member of the Boston Society of Security Analysts.
He holds honorary doctorates from Boston University
Boston University
Boston University is a private research university located in Boston, Massachusetts. With more than 4,000 faculty members and more than 31,000 students, Boston University is one of the largest private universities in the United States and one of Boston's largest employers...
, Bentley College
Bentley College
Bentley University is a private co-educational university in Waltham, Massachusetts, west of Boston. Founded in 1917 as a school of accounting and finance in Boston's Back Bay neighborhood, Bentley moved to Waltham in 1968...
and the Hobart and William Smith Colleges
Hobart and William Smith Colleges
Hobart and William Smith Colleges, located in Geneva, New York, are together a liberal arts college offering Bachelor of Arts, Bachelor of Science and Master of Arts in Teaching degrees. In athletics, however, the two schools compete with separate teams, known as the Hobart Statesmen and the...
.
Wealth
With an estimated net worth of around $7.1 billion, he is ranked by ForbesForbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
as the 40th richest person in America
Forbes 400
The Forbes 400 or 400 Richest Americans is a list published by Forbes Magazine magazine of the wealthiest 400 Americans, ranked by net worth. The list is published annually in September, and 2010 marks the 29th issue. The 400 was started by Malcom Forbes in 1982 and treats those in the list like...
.
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.