Edward Johnson, III
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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
Wealth and philanthropy
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 current[update] Forbes 400 rich list.
In 1965, the US–based 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.
- "Forbes 400: Edward Johnson III". Forbes. March 2012. Retrieved September 4, 2012.
- McLaughlin, Tim (August 28, 2012). "Fidelity's Abigail Johnson to head all main operations". Boston. Reuters. Retrieved September 4, 2012.
- Goodway, Nick (August 30, 2012). "Abigail Johnson: The $1,600,000,000,000 woman". The Independent (London). Retrieved September 4, 2012.
- "Forbes 400: Abigail Johnson". Forbes. March 2012. Retrieved September 4, 2012.
- "Fidelity Foundation overview" (PDF). Fidelity Foundation. p. 1. Retrieved September 4, 2012.
- Babson College's Biography
- Forbes 400
- IRS Form 990, Edward C. Johnson Fund, 82 Devonshire Street S3, Boston, MA, 020109, Anne Marie Soulli, Director.
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