revolutionized the money-management industry by promoting mutual funds for retirement plans and money market checking accounts, died at the age of 91.
Ned Johnson was promoted to president of the Boston-based firm his dad had founded after World War II in 1972, and he served as CEO until 2014.
During his tenure as CEO, assets increased from $3.9 billion to more than $2.1 trillion, making Fidelity the second-largest mutual fund company in the United States.
As of February 28, the firm now headed by his daughter had $11.1 trillion in assets under administration, including $4.2 trillion in discretionary assets.
CEO: Who Is Edward Ned Johnson Wife? Meet Elizabeth Johnson
Elizabeth B. “Lillie” Johnson, a trustee of the Museum of Fine Arts and Winterthur Museum, is Edward Ned’s wife. They are based in Boston.
In 2014, his daughter Abigail took over as CEO of Fidelity Investments and Chairman of Fidelity International.
Abigail owned up to 24 percent of Fidelity shares in 2012, had a net worth of $10.3 billion, and was ranked 29th on the Forbes 400 list of the wealthiest Americans.
Elizabeth L. Johnson is his other daughter. Elizabeth’s net worth was estimated to be around $2.5 billion in 2012.
Edward Johnson IV, his son, is the president of the family-owned Pembroke Real Estate. The company manages 6.5 million square feet of office and residential space, including the Boston Seaport. His son’s net worth was estimated to be $2.5 billion in 2012.
Edward Ned Johnson Net Worth Revealed
As per the Bloomberg Billionaires Index, Edward Ned Johnson has a net worth of $13.6 billion. As per a regulatory filing, the majority of his fortune was derived from his 12 percent stake in the closely held company.
Ned Johnson rode the wave of financial market democratization and deregulation alongside investing visionaries such as Charles Schwab and Vanguard Group Inc. founder John Bogle.
For more than two decades, Fidelity was the world’s largest mutual-fund manager until 2010, when it was exceeded by Vanguard, which benefited from investor demand for low-fee passively managed index funds.
In 1963, he became the first manager of Fidelity’s flagship fund, Magellan, which he ran until 1971, outperforming the S& P 500 by an annual average of 22 percentage points.
Under Lynch’s leadership from 1977 to 1990, Magellan grew to become one of the world’s largest and most successful mutual funds.
Edward Ned Johnson Death Cause- How Did He Die?
According to Fidelity, Edward Ned Johnson died on March 23 in Florida. There was no explanation given about how he died. According to the firm, he lived in Wellington, Florida.
“He loved his family, his coworkers, work, the stock market, art and antiquities, tennis, skiing, sailing, history, and a good debate,” wrote his daughter, Abigail Johnson, the firm’s chief executive officer since 2014.
Ned is survived by his wife, Elizabeth, also known as Lillie, and seven grandchildren, in addition to his three children.