Edward C. Johnson II

American businessman and lawyer
Elsie Livingston
​
(m. 1924)​
Children2; including Edward IIIRelativesAbigail Johnson (granddaughter)

Edward Crosby Johnson II (January 19, 1898 – April 2, 1984) was an American businessman and lawyer who founded Fidelity Investments.

Early life and education

“A Boston Brahmin, Mr. Johnson was born Edward Crosby Johnson 2d in a townhouse on Beacon street, Back Bay, on Jan. 19, 1898, the son of Samuel Johnson, a partner in a leading dry-goods firm C.F. Hovey and Co. and Josephine (Forbush) Johnson.”[1] Johnson came from a family of New England Puritan ancestry.[2]

He graduated from Milton Academy in 1916, Harvard College in 1920, and Harvard Law School in 1924.[3][4][5] From August 1917 to July 1918, Johnson was enlisted in the United States Naval Reserve as a second class radioman during World War I; there are conflicting accounts about his military service.[5]

Career

After graduating from Harvard Law, Johnson became an associate at Boston law firm Ropes, Gray, Boyden & Perkins.[6] Also in 1924, he became involved in stock market research.[7] Diana B. Henriques wrote in 1995: "...those who knew Ed Johnson sensed...an openness to the new and the exotic. Most of all, there was a very un-Bostonian passion for the quick, rude, sharp-witted world of Wall Street."[6]

After nearly 15 years as a trust lawyer at Ropes Gray, Johnson became vice president and treasurer of the Incorporated Investors trust that was co-founded by Edward G. Leffler and George Putnam in 1939; Johnson had previously been Incorporated Investors' general counsel.[8][9]

In May 1930 he was granted permission to start “The Fidelity Fund”by John C. Hull, serving as the President, Vice President and Treasurer. [10] In 1946, he founded Fidelity Management and Research, and he served as its chairman.[7] By 1958, Johnson managed over $400 million combined with $357 million in the Fidelity Fund and $59 million in his new Puritan Fund.[11] Beginning in 1969, Johnson chaired the board of Fidelity Management and Research.[12]

Death

He died in Cataumet, Massachusetts of Alzheimer's disease in 1984, and his funeral was held at Milton's Universalist First Parish Church.[7]

References

  1. ^ Edward Johnson 2d, Retired Board Chairman at Fidelity. Boston Globe, Apr. 4, 1984
  2. ^ Alex Taylor III, "Why Fidelity Is The Master of Mutual Funds" (1986) archive.fortune.com/magazines/fortune/fortune_archive/1986/09/01/67986/index.htm
  3. ^ "Edward C. Johnson II". Harvard Business School. Retrieved March 4, 2017.
  4. ^ "Who's Afraid of Abby Johnson?". Boston Magazine. 2018-08-07. Retrieved 2020-04-15.
  5. ^ a b Henriques 1995, pp. 44–46
  6. ^ a b Henriques 1995, p. 47
  7. ^ a b c "Edward Johnson 2d, Was 86; Began Investment Company". The New York Times. October 5, 1984. Retrieved September 20, 2018.
  8. ^ "Wall Street Investing Advisers". Archived from the original on August 31, 2012. Retrieved February 3, 2024.
  9. ^ Henriques 1995, p. 55
  10. ^ "History of Fidelity Investments Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved 2024-04-08.
  11. ^ Henriques 1995, p. 120
  12. ^ Henriques 1995, p. 202
Works cited
  • Henriques, Diana B. (1995). Fidelity's World: The Secret Life and Public Power of the Mutual Fund Giant. New York: Scribner. ISBN 0-684-81299-1.

External links

  • Fidelity Investments Inc History
  • Fmr Corp
  • Moody's Manual of Investments