Edward Johnson III

Johnson was born in Milton, Massachusetts, the son of Elsie Livingston Johnson and Edward C. Johnson II.^{[citation needed]} He attended prep school at Milton Academy before transferring to Tabor Academy,^{[citation needed]} and graduated with a bachelor of arts and sciences degree from Harvard College in 1954.^{[1][failed verification]}

Following service in the United States Army,^{[clarification needed][when?][citation needed]} Johnson became a research analyst at Fidelity Investments in 1957, the company founded by his father in 1949.^{[citation needed]} He later became the portfolio manager for the Fidelity Trend Fund in 1960,^{[citation needed]} and ran the famous Fidelity Magellan Fund from 1963 to 1977.^{[citation needed]} He then became president of the company in 1972, and chairman and CEO in 1977.^{[citation needed]}

Johnson was the first to begin the practice of permitting check writing on money market funds.^{[citation needed]} He was also the first to sell discount brokerage services to banks, insurance companies, and consumers.^{[citation needed]} He supported and invested in automation of brokerage sales and operations.^{[citation needed]}

In a November 2016, memo to Fidelity employees, Johnson announced he would retire in December and turn over the chairmanship to his daughter Abigail. Although he would no longer be a member of the board of directors, Johnson planned to "maintain office hours ... and continue to consult periodically with Abby."^[2]

Johnson was a fellow of the American Academy of Arts and Sciences, a trustee of the Beth Israel Hospital and the Boston Museum of Fine Arts and a member of the Boston Society of Security Analysts.^{[citation needed]}

He has been given honorary doctorates by Boston University, Bentley College and the Hobart and William Smith Colleges.^{[citation needed]} He was an honorary fellow of London Business School.^{[citation needed]}

Ned Johnson III was a descendent of loyalist merchant and slaveholder Robert Gilbert Livingston (1712–1789) and Catharina Johnson McPheadres Livingston.^{[citation needed]} Livingston had over a hundred thousand acres in New York on the Hudson River Valley, Brooklyn, Long Island and Harlem.^{[citation needed]} By royal charter of George I of Great Britain in 1686, Robert "The Elder" Livingston (1654–1728) was granted a patent to 160,000 acres along the Hudson River.^{[citation needed]}

With an estimated current^[update] net worth of around $8.4 billion, he was ranked by Forbes as the 57th richest person in America.^[3]

In 1965, the US–based Fidelity Foundation was founded by Edward C. Johnson III and his father.^[4] The Edward C. Johnson Fund, a $334 million charitable fund,^[5] contributes to institutions in the Boston area and beyond.^[6]

His wife was Elizabeth B. "Lillie" Johnson, a trustee of the Museum of Fine Arts^[5] and Winterthur Museum. They resided in Boston.^[1]

His daughter Abigail Johnson took over the role of CEO of Fidelity Investments and chairman of Fidelity International in 2014.^{[citation needed][needs update]} As of 2012^[update], Abigail owned up to 24% of the shares in Fidelity, had a net worth of $10.3 billion and was ranked 29th on the Forbes 400 list of richest Americans.^{[7][failed verification]}

His other daughter is Elizabeth L. Johnson. In 2012, it was estimated that Elizabeth had a net worth of roughly $2.5 billion.^[8]

His son, Edward Johnson IV, is president of family-owned Pembroke Real Estate. The firm manages 6.5 million square feet of office and residential real estate, including the Boston Seaport.^[9] In 2012, Edward's net worth was estimated at $2.5 billion.^[8]

On March 23, 2022, Johnson died "peacefully at his home in Florida surrounded by much of his family," according to his daughter Abby Johnson.^[10][11]