The Wealth of the Johnson Family: Fidelity's Power Players
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Chapter 1: The Johnson Family's Influence in Finance
In Boston, a single family holds a remarkable 49% ownership of one of the globe's leading mutual fund firms, Fidelity Investments. The remaining 51% is distributed among the company’s employees. Today, we delve into the life of the wealthiest woman in this influential family—Elizabeth Johnson.
Elizabeth Johnson's net worth surpasses $5.9 billion, positioning her as the 168th wealthiest individual in the United States. But who is she?
Section 1.1: Who is Elizabeth Johnson?
Elizabeth Johnson is the youngest daughter of Edward Johnson III, who previously served as the chairman of Fidelity Investments. A significant portion of her wealth is attributed to her 5.6% ownership in Fidelity Management & Research Company, which is the parent entity of Fidelity Investments. Additionally, she founded and presides over Louisburg Farm, an equestrian establishment located in Florida.
Having graduated from Franklin Pierce College, Elizabeth also contributed her expertise to the Society of Arts and Crafts resource council, an organization in Boston dedicated to promoting the American craft movement. In 2003, she married Robert Clayton Ketterson Jr.
Subsection 1.1.1: Elizabeth and Robert Ketterson
Elizabeth and Robert Ketterson tied the knot in 2003, with Elizabeth retaining her surname. Rob earned his degree in computer engineering and marketing from the University of Arizona, followed by an MBA from MIT Sloan. His professional journey includes roles at Fidelity Ventures and being a founding partner of Volition Capital based in Boston.
Section 1.2: The Legacy of Fidelity Investments
The history of Fidelity began in 1943 when Edward C. Johnson II assumed control of the Fidelity Fund and established Fidelity Management and Research. His son, Edward Johnson III, joined as an analyst in 1957, marking the company’s initial foray into technology with their first computer acquisition.
Edward Johnson III's leadership saw rapid growth for the firm, as he took on the roles of chairman and CEO in 1977. Under his guidance, Fidelity introduced 403(b) and 401(k) plans, alongside online trading capabilities for clients. His daughter, Abigail (commonly known as Abby), also played a pivotal role after joining as an equity analyst in 1988, eventually becoming CEO in 2014. Notably, in 2018, Abigail enabled institutional investors to engage in cryptocurrency trading.
Today, Fidelity manages approximately $3.8 trillion in assets.
Chapter 2: Philanthropic Endeavors of the Johnson Family
The Johnson family is also known for their philanthropic contributions. They have made numerous smaller donations to a variety of organizations and have sponsored several foundations, including the Brookfield Arts Foundation, Barth Syndrome Foundation, and Harvard Medical School. Their most substantial contribution was a $3 million donation to the Bermuda Underwater Exploration Institute.
If you had access to the Johnson family wealth, which causes would you choose to support?
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