5.9k Share this

The firm now holds more than $11 trillion in assets, according to its most recent annual report.

Edward “Ned” Johnson III, a businessman who grew Fidelity Investments into the financial giant it is today, has died. He was 91.

Johnson’s family confirmed Thursday that he died on Wednesday but did not give a cause of death.

Born in Boston at the start of the Great Depression, Johnson joined his father’s firm in 1957 as a portfolio manager. He became president of Fidelity in 1972 and, after his father retired in 1976, became chairman and CEO.

While his father founded Fidelity, Johnson’s four-decade tenure transformed the firm into the Wall Street and investment giant that it is today.

“We are immensely proud of his achievements and grateful for his life,” the Johnson family said in a statement. “He was a visionary, an innovator, and a philanthropist who had tremendous curiosity about the world around him and who lived his life to the fullest each and every day.”

When Johnson took over, the way Americans saved and planned for retirement was about to change fundamentally. Companies began to move away from pension plans. The Individual Retirement Account, better known as the IRA, was created in 1974. The 401(k) account, an employer-sponsored retirement plan that invested in stocks and bonds but was ultimately run by the individual employee, was created by Congress in 1978.

Fidelity benefitted from a massive broadening and interest in investing that started in the 1980s. The stock market was no longer something just for the rich; it was now a vehicle that nearly every retirement account in the US had a stake in. Under Johnson, Fidelity started selling mutual funds directly to the public. The company also started offering discount brokerage services that made stock investing significantly cheaper.

These efforts paid off. When Johnson took over Fidelity in 1977, the company had $3.9bn in assets under management. When he retired as chairman in 2014, Fidelity had $5.7 trillion in assets under management. Fidelity’s growth made Johnson and his family billionaires. The firm now holds more than $11 trillion in assets, according to its most recent annual report.

The Boston-based company, which is still privately held, is now run by Johnson’s daughter, Abigail Johnson.

Johnson donated his wealth mostly anonymously, according to the family, but some named places he gave funds to included the Museum of Fine Arts in Boston and the Peabody Essex Museum in Salem, Massachusetts.

Johnson is survived by his wife, Elizabeth “Lillie” Johnson, and three children: Abigail, Elizabeth Johnson and Edward Johnson IV.

Source: Al Jazeera

5.9k Share this
You May Also Like

Creator of ‘Star Wars’ X-wing and Death Star dies at 90 after battle with Alzheimer’s

Colin Cantwell, the longtime Hollywood concept artist who designed several iconic spacecraft…

Labour-run Islington Council say children as young as three months old can be racially biased

Labour-run Islington Council say children as young as three months old can…

Gran Canaria pride festival attended by 80,000 investigated as monkeypox superspreader event

The Gran Canarian gay pride festival attended by 80,000 from Britain and across…

Ukrainian refugee, 22, who ran off with the man, 29, who took her in blames his ‘two-faced’ wife

A Ukrainian refugee who embarked on a romance with her UK sponsor…

Ukrainian fighters’ joy as they blow up one of Russia’s deadly vacuum bomb launchers

Ukrainian fighters were overjoyed after they blew up one of Russia’s deadly vacuum…

Scott Disick was ‘in good spirits’ at dinner with Rod Stewart in LA while Kourtney Kardashian wed

While Scott Disick did not receive an invitation to his ex-girlfriend Kourtney…

Floral fancy! Princess Beatrice is elegant in £248 white and blue Reformation dress

Princess Beatrice and Edo Mapelli Mozzi looked every inch the glamorous power…

Poll Shows Biden Losing Democrats on the Economy

The latest polling from the far-left Associated Press (AP) shows Joe Biden…