Ned Johnson, who made Fidelity a fund titan, dies at 91

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Edward “Ned” Johnson III, a businessman who grew Fidelity Investments into the financial giant it is today, has died. He was 91. Johnson’s family confirmed Thursday that he died on Wednesday but did not give a cause of death. While his father founded Fidelity, Johnson’s four decade tenure transformed the firm into the Wall Street and investment giant that it is today. When Johnson took over Fidelity in 1977, the company had $3.9 billion in assets under management. When he retired as chairman, Fidelity had $5.7 trillion in assets under management. Fidelity’s growth made Johnson and his family billionaires.