Edward Johnson, III

Date of Birth: June 29, 1930

Zodiac Sign: Cancer

Date of Death: March 23, 2022

Biography

Edward Crosby “Ned” Johnson III was a prominent American businessman and philanthropist, best known for his role as the chairman of Fidelity Investments, a financial services corporation founded by his father, Edward C. Johnson II. Born into a family with a rich legacy in the investment world, Ned Johnson significantly expanded and modernized Fidelity, transforming it into one of the most influential financial services firms globally. He began his career at Fidelity in 1957 and took over the company in 1972. Under his leadership, Fidelity grew exponentially, pioneering mutual funds and introducing innovations such as check-writing features for money market funds and online trading platforms. Johnson retired as chairman of Fidelity in 2016, leaving the company in the hands of his daughter, Abigail Johnson.

5 Interesting Facts about Edward Johnson, III

1. Edward Johnson III was an avid art collector and had a significant art collection.

2. He introduced the first money market fund with check-writing features, revolutionizing the mutual fund industry.

3. Johnson was known for his hands-on management style and often visited Fidelity’s trading floor to get a firsthand look at operations.

4. He was a Harvard College graduate, earning his bachelor’s degree in 1954.

5. Under his leadership, Fidelity Investments’ assets grew from $3.9 billion to over $1.7 trillion.

5 Most Interesting Quotes from Edward Johnson, III

1. “The best way to get investment success is to focus on the long term.”

2. “Mutual funds can do for the investor what the investor cannot do as well for himself.”

3. “In investing, what is comfortable is rarely profitable.”

4. “Success is about persistence. You can only afford to be persistent in something you deeply care about.”

5. “Innovation distinguishes between a leader and a follower.”

Highest Net Worth Achieved

At the peak of his wealth, Edward Johnson III had an estimated net worth of $7.4 billion.

Children

Edward Johnson III had three children: Abigail Johnson, Edward C. Johnson IV, and Elizabeth Johnson. Abigail Johnson succeeded him as the CEO of Fidelity Investments and has continued to lead the company to further growth and success.