Edward Johnson, III

Edward Crosby "Ned" Johnson III (June 29, 1930 – March 23, 2022) was an American billionaire businessman who, along with daughter Abigail Johnson, owned and ran Fidelity Investments and Fidelity International until his death in March 2022. In April 2021, his net worth was estimated at US$8.2 billion. Early life Johnson was the son of Elsie Livingston Johnson and Edward C. Johnson II. He attended prep school at Milton Academy before transferring to Tabor Academy, and graduated with a bachelor's degree from Harvard College in 1954. Career After a stint in the US Army, he became a research analyst at Fidelity Investments in 1957, a company founded by his father in 1949. He later became the portfolio manager for the Fidelity Trend Fund in 1960 and ran the famous Fidelity Magellan Fund from 1963 to 1977. He then became president of the company in 1972, and chairman and CEO in 1977. Johnson was the first to begin the practice of permitting check writing on money market funds. He was also the first to sell discount brokerage services to banks, insurance companies, and consumers. He supported and invested in automation of brokerage sales and operations.