Edward Crosby Johnson III Net WorthReal Name: Edward Crosby Johnson III
Date of Birth: 06/29/1930
Place of Birth: Boston, Massachusetts
2017 Net Worth: $7.6 Billion
2016 Earnings: Former CEO Fidelity Investments and Fidelity Worldwide Investment
Profession: Former CEO Fidelity Investments and Fidelity Worldwide Investment
Edward Johnson III Biography
Edward Johnson III was born in Boston, Massachusetts in 1930. He attended Milton Academy and later transferred to Tabor Academy. Johnson eventually received a Bachelor’s degree from Harvard in 1954 and then briefly joined the United States Army. He joined Fidelity Investments as a research analyst in 1957. Fidelity Investments was founded by his father Edward Johnson II.
It was Johnson who first began the practice of allowing checks to be written on money market funds. He also was one of the first to sell discount brokerage services to consumers, banks, and insurance companies. He also supported, and invested in, the automation of brokerage operations and sales.
Johnson’s father, Edward C. Johnson II, was the founder of Fidelity Investments. Johnson II became involved in the company as a portfolio manager in 1960 for the Fidelity Trend Fund. He was also in charge of the very successful Fidelity Magellan Fund between the years of 1963 and 1977. Johnson became president in 1972, and Chairman and CEO in 1977.
Johnson and Fidelity have weathered their share of legal problems. Fidelity settled out of court for $12 million regarding a lawsuit where it was alleged that they overcharged employees for their 401K fees. Johnsons daughter, Abigail, currently sits as President of Fidelity Financial Services and oversees almost all aspects of the business and consults with her father when need be.
Johnson also owns the BostonCoach Corp., a transportation company that operates in about 40 countries, and the Boston Seaport, a waterfront hotel and exhibition complex, just to name of few of the family’s diverse holdings.
Johnson has a net worth of $7.6 billion, which is down almost $2 billion since June of 2014, due mainly to falling oil prices. Whether oil prices return to previous highs remains to be seen, however, Johnson can well afford to weather almost any type of financial storm with such a diversified portfolio and billions of dollars invested in his companies.