Edward “Ned” Johnson III, who revolutionized the money-management industry as head of Fidelity Investments, has died. He was 91.
A statement from Leah Becerra confirming the news said: “Edward Johnson III has died. He built Fidelity Investments from a mid-size family business into a global powerhouse — and changed the way millions of Americans manage their finances.”
Some of Johnson’s groundbreaking achievements include being the first to begin the practice of permitting check writing on money market funds.
He was also the first to sell discount brokerage services to banks, insurance companies, and consumers. He supported and invested in the automation of brokerage sales and operations.
Edward Johnson III cause of death: How did Fund Pioneer at Fidelity die?
According to Fidelity Edward died on March 23 in Florida. The cause of his death was given. Before his demise, he was a resident of Wellington, Florida, according to the firm.
