Edward Crosby Johnson II (January 19, 1898 – April 2, 1984) was an American businessman and lawyer who founded Fidelity Investments.
Edward C. Johnson II | |
|---|---|
| Born | Edward Crosby Johnson II January 19, 1898 Boston, Massachusetts, U.S. |
| Died | April 2, 1984 (aged 86) Cataumet, Massachusetts, U.S. |
| Alma mater | Harvard University |
| Occupation | Businessman |
| Spouse |
Elsie Livingston (m. 1924) |
| Children | 2; including Edward III |
| Relatives | Abigail Johnson (granddaughter) |
Early life and education
edit“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
editAfter 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
editHe died in Cataumet, Massachusetts of Alzheimer's disease in 1984, and his funeral was held at Milton's Universalist First Parish Church.[7]
References
edit- ^ Edward Johnson 2d, Retired Board Chairman at Fidelity. Boston Globe, Apr. 4, 1984
- ^ 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
- ^ "Edward C. Johnson II". Harvard Business School. Retrieved March 4, 2017.
- ^ "Who's Afraid of Abby Johnson?". Boston Magazine. 2018-08-07. Retrieved 2020-04-15.
- ^ a b Henriques 1995, pp. 44–46
- ^ a b Henriques 1995, p. 47
- ^ a b c "Edward Johnson 2d, Was 86; Began Investment Company". The New York Times. October 5, 1984. Retrieved September 20, 2018.
- ^ "History of Fidelity Investments Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved 2024-04-08.
- ^ 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.)
- ^ Henriques 1995, p. 120
- ^ 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.