On Wednesday, public figure Edward Johnson passed away. He was who transformed Fidelity Investments into a financial colossal and opened Wall Street to millions of Americans.
He created a small company to manage the department to store the wealth of his Mayflower-pedigreed ancestors into one of the world’s biggest investment companies and the nation’s largest administrator of workplace retirement plans; He was at the age of 91. He died at his home in Wellington. His daughter announced the death on LinkedIn. Led FMR, known as Ned, Fidelity’s parent company drove it to prominence in the 1960s with heavily promoted, aggressively managed “go-go’’ stock funds. Then, in 1974, the company was helped popularize the fledgling money market business by allowing customers to write checks against its money fund.
John C. Bogle, founder of the archrival Vanguard Group “Were the unquestioned industry leader,” this favored a more conservative market approach, was less reliant on star portfolio managers, and eventually overtook Fidelity in assets under management, said several years ago in an interview for this obituary.
In 1957 Mr johnsons know –
Exceptionally in long tenure Mr. Johnson’s — In 1957, he joined the family firm as a junior stock analyst and presided over Fidelity into the 2010s when he was in his 80s — coincided with a massive expansion of industrial products well as assets. He eagerly embraced technological advances to provide services that later became commonplace.
He first offered retail customers the ability to conduct transactions by toll-free telephone; he pioneered walk-in investor centers. He revived and then popularized funds focused on specific industry sectors, like health care.
At his death, Fidelity had more than 500 mutual funds and $11.8 trillion under administration. The company, about half-owned by the Johnson family and half by its other employees, had revenue of $24 billion and an operating income of $8.1 billion.
The Johnson family, which has Boston roots dating to 1635 and made its initial fortune with the C.F. Hovey & Company department store, has long been one of
New England’s leading philanthropists, often anonymously, particularly in the visual arts. Mr. Johnson’s art collection is valued in the scores of millions.
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