Edward C. “Ned” Johnson III, Chairman Emeritus of Boston-based financial behemoth Fidelity Investments, has died at the age of 91.
Abby Johnson, Fidelity’s Chairman and CEO and his daughter, made the announcement on Thursday.
“Last evening, we lost my father, Chairman emeritus of Fidelity Investments,” she wrote. “He was first and foremost father to me and my sister Beth and brother Edward and husband to my mother Lillie. He passed away peacefully at home in Florida surrounded by his family.
“He loved his family, his coworkers, work, the stock market, art and antiquities, tennis, skiing, sailing, history, and a good debate,” Johnson added. “He could be counted on to have the contrarian view on just about anything. He will be missed by many.”
Forbes reports that after graduating from Harvard and a stint in the Army, the elder Johnson became an analyst at the firm founded by his father in 1946, eventually acting as CEO for 37 years before handing the reins to his daughter in 2014 and eventually retiring as chairman in 2016. He was ranked at No. 60 on Forbes list of the 400 wealthiest Americans in 2021, with $10.1 billion in net worth.
Magellan and beyond
During his Fidelity tenure, Johnson brought the firm to the pinnacle of the investing world. The firm reported $4.2 trillion in assets under management (AUM) as of June 2021 and is the country’s largest retirement plan recordkeeper. He ran its former flagship, Fidelity Magellan Fund, from 1963 to 1977 before handing it to famed money manager Peter Lynch.
High-profile Fidelity alumni include Edmund Murphy, President and CEO at Empower and Great West Life & Annuity, as well as Robert Reynolds, Chairman of Great-West Lifeco U.S.
In addition to Abigail, Johnson is survived by his wife Elizabeth B. Lillie, his daughter Elizabeth, and son Edward IV.
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