Edward C. Johnson II

Edward C. Johnson II
Born
Edward Crosby Johnson II

(1898-01-19)January 19, 1898
Boston, Massachusetts, U.S.
DiedApril 2, 1984(1984-04-02) (aged 86)
Cataumet, Massachusetts, U.S.
Alma materHarvard University
OccupationBusinessman
Spouse
Elsie Livingston
​
(m. 1924)​
Children2; including Edward III
RelativesAbigail 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]

In May 1930 he was granted permission to start “The Fidelity Fund”by John C. Hull, serving as the President, Vice President and Treasurer. [8] [9]

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.[10] Beginning in 1969, Johnson chaired the board of Fidelity Management and Research.[11]

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. ^ "History of Fidelity Investments Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved 2024-04-08.
  9. ^ Moody's Manual of Investments, American and Foreign: Banks, insurance companies, investment trusts, real estate, finance and credit companies Jan 1944 Moody's Investors Service, pg. 754; Fidelity Fund, INC. Incorporated in Massachusetts May 1, 1930. as an investment trust of the general man agement type. Officers: E. C. Johnson, 2d., Pres., E. C. Johnson, 2nd — Vice-Pres. & Treas.)
  10. ^ Henriques 1995, p. 120
  11. ^ Henriques 1995, p. 202
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