The Early Life of Edward C. Johnson II
Edward C. Johnson II was born in Boston, Massachusetts in 1930. His father was the founder of Fidelity Investments, a financial services company that would go on to become one of the largest investment management firms in the world. Johnson attended Harvard University, where he studied economics and was a member of the rowing team.
Joining the Family Business
After graduating from Harvard, Johnson joined Fidelity Investments in 1957. He started out working as an analyst, researching stocks and helping to manage the company’s mutual funds. In 1972, he became the president of Fidelity, succeeding his father, who had passed away.
Expanding Fidelity’s Business
Under Johnson’s leadership, Fidelity Investments expanded its business beyond mutual funds. The company began offering other financial services, such as retirement planning and brokerage services. Johnson also oversaw the launch of Fidelity’s 401(k) retirement plan, which became one of the most popular retirement plans in the United States.
The Growth of Fidelity
During Johnson’s tenure as CEO, Fidelity Investments grew exponentially. The company’s assets under management grew from $1 billion in 1972 to over $1 trillion by the time he retired in 2014. Fidelity also expanded globally, opening offices in Europe, Asia, and South America.
Johnson’s Philanthropic Work
In addition to his work at Fidelity Investments, Johnson was also a philanthropist. He donated millions of dollars to various educational institutions, including Harvard University and the Massachusetts Institute of Technology. He also established the Edward C. Johnson Fund, which supports medical research and education.
Edward C. Johnson II passed away in 2018 at the age of 87. He left behind a legacy as a pioneer in the investment management industry. Under his leadership, Fidelity Investments became one of the most successful financial services companies in the world. Johnson’s philanthropic work also had a significant impact on education and medical research.
Edward C. Johnson II was a visionary leader who transformed Fidelity Investments into a global financial services powerhouse. His contributions to the investment management industry and philanthropic work will be remembered for years to come.