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Fidelity Investments longtime leader Edward C ‘Ned’ Johnson 3d dies at 91 -Breaking

by Mike Robinson

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© Reuters.

By Ross Kerber

BOSTON, (Reuters) – Edward C. “Ned” Johnson IIId was an American billionaire investor, philanthropist, and chairman of Fidelity Investments. He died Wednesday, at the age of 91.

Fidelity stated in a release that Johnson died peacefully March 23rd 2022, surrounded and loved by his family. Representatives added that Johnson had died from natural causes.

Johnson ran the Boston-based company that his father had founded for almost 40 years. In 2016, he passed the chairman title to Abigail Johnson.

Fidelity transformed personal investment under his supervision by using new technologies such as telephone services and promoting famous fund manager like Peter Lynch. Lynch was the former manager at Magellan Fund.

Fidelity lost market share to passive funds from BlackRock Inc. (NYSE:) over the years. Fidelity had $4.5 trillion in all managed investments products at the time of its 2021 shareholder letter.

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