Edward Johnson, III Biography

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.

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 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 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 net worth of around $5.8 billion, he is ranked by Forbes as the 44th richest person in America.

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

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