Edward Johnson III

Edward C. Johnson III
Edward C. Johnson III
Born	Edward Crosby Johnson III; 29 June 1930 (age 96); Milton, Massachusetts, U.S.
Died	23 March 2022 (aged 91); Florida, U.S.
Other names	Ned Johnson
Occupation(s)	Entrepreneur, investor, businessman
Years active	1957–2016
Known for	Leadership of Fidelity Investments

Edward Crosby "Ned" Johnson III (June 29, 1930 – March 23, 2022) was a prominent American billionaire entrepreneur who, alongside his daughter Abigail Johnson, held ownership and leadership roles at Fidelity Investments and Fidelity International until his passing. As of April 2021, his wealth was estimated to be approximately US$8.2 billion.

Early life

Johnson was born to Elsie Livingston Johnson and Edward C. Johnson II. He completed his education at Milton Academy and Tabor Academy, followed by graduation from Harvard College in 1954.

Career

Following his service in the US Army, Johnson began his career at Fidelity Investments in 1957 as a research analyst. The firm, established by his father in 1949, flourished under his stewardship. He took charge of the Fidelity Trend Fund starting in 1960 and led the acclaimed Fidelity Magellan Fund from 1963 until 1977. In 1972, he assumed the role of company president and was promoted to chairman and CEO in 1977.

Johnson was instrumental in introducing innovations such as enabling check-writing features on money market funds and launching discounted brokerage services tailored for banks, insurance companies, and individual investors. He also advanced the adoption of automation within brokerage sales and operational processes.

In November 2016, he stepped down as chairman, transferring leadership responsibilities to his daughter Abigail while continuing to offer guidance as needed.

Society memberships, awards, and honors

Johnson held fellowship status with the American Academy of Arts and Sciences, served as a trustee for both the Beth Israel Deaconess Medical Center and the Boston Museum of Fine Arts, and was affiliated with the Boston Society of Security Analysts.

He was awarded honorary doctorates by Boston University, Bentley College, and the Hobart and William Smith Colleges, along with an honorary fellowship from London Business School.

Wealth and philanthropy

Ned Johnson III traced his lineage back to loyalist merchant Robert Gilbert Livingston, who possessed vast estates in New York’s Hudson River Valley and adjacent regions. In 1686, Robert "The Elder" Livingston received a royal charter granting him 160,000 acres along the Hudson River.

With a net worth estimated around $8.4 billion in 2013, Johnson was ranked as the 57th wealthiest individual in the United States by Forbes.

In 1965, Edward C. Johnson III and his father founded the US-based Fidelity Foundation. The Edward C. Johnson Fund, valued at $334 million, provides philanthropic support primarily to institutions located in the Boston area.

Personal life

Johnson’s spouse, Elizabeth B. "Lillie" Johnson, served as a trustee for both the Museum of Fine Arts and Winterthur Museum. The couple resided in Boston.

Their daughter Abigail assumed the roles of CEO of Fidelity Investments and chairman of Fidelity International in 2014. By 2012, she controlled up to 24% of Fidelity’s shares, possessed an estimated net worth of $10.3 billion, and was ranked 29th on the Forbes 400 list.

Another daughter, Elizabeth L. Johnson, had an estimated net worth of $2.5 billion as of 2012.

His son Edward Johnson IV leads Pembroke Real Estate, overseeing management of approximately 6.5 million square feet including Boston's Seaport district; his net worth was also estimated at $2.5 billion in 2012.

Born in Milton, Massachusetts, Johnson completed military service with the United States Army. He passed away peacefully at his residence in Florida on March 23, 2022, surrounded by family members according to Abigail Johnson.

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