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Wednesday, August 14, 2019

The World's 14th Richest Family Runs MFs

News summary by MFWire's editors

Only one of the world's 25 richest families is in the asset management business.

Abby Johnson and her family, who control Fidelity Investments [profile], are the 14th richest family in the world, according to Bloomberg's new list. The publication estimates the family's wealth at $37.4 billion, and the family is new to the publication's list.

Abby's grandfather, Edward C. Johnson, founded Boston-based Fidelity Management and Research in 1946. Abby's father Ned took over in 1977, and Abby took over as CEO in 2014. (The article also reveals that, during her high school years, Abby's summer jobs including waitressing and selling T-shirts.) Abby's siblings, Edward Johnson IV and Elizabeth Johnson (both unmentioned in the article), also own sizable stakes in the company.

Fidelity is the largest 401(k) provider and the third-biggest mutual fund firm by AUM (with $1.679 billion in mutual fund and ETF alone, excluding money-market funds and funds of funds, as of July 31, per Morningstar estimates).

Bloomberg's ranking "excludes first-generation fortunes and those fortunes controlled by a single heir. Clans whose source of wealth is too diffuse or opaque to be valued are also excluded." 

Edited by: Neil Anderson, Managing Editor

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