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Tuesday, October 8, 2019

The Eight Richest U.S. Fundsters Are ...

News summary by MFWire's editors

When it comes to the richest people in the U.S. mutual fund business, the list didn't change over the last year. Yet most fundster billionaires lost ground on the list, in net worth and in rankings.

Abigail Pierrepont Johnson
FMR (dba Fidelity Investments)
Chair, President, CEO
Abby Johnson, CEO of Fidelity, is still the richest U.S. fundster on the "Forbes 400" list. (The Forbes team released their 2019 list on October 2.) Johnson slipped six spots down on the list from last year, and her estimated net worth fell $3.3 billion, to 34th and $14 billion, respectively.

Three other members of Johnson's family remained on the list, too: Abby's father, Ned Johnson, ranked 79th with $7 billion (down from 57th and $8.6 billion in 2018); and Abby's brother Edward Johnson, IV and sister Elizabeth Johnson, tied for 268th with $3.1 billion each (down from 190th and $3.9 billion).

Two members of the fund industry's West Coast Johnsons also stayed on the list: Charles Johnson, former chairman and CEO of Franklin Resources, ranks 140th with $4.9 billion (down from 134th and $5 billion); and his brother Rupert Johnson, vice chairman of Franklin, ranks 187th with $4 billion (down from 172nd and $4.2 billion).

Cliff Asness, co-founder of AQR, ranks 306th this year with $2.8 billion (down from 215th and $3.6 billion). And Ron Baron, CEO of Baron Capital, ranks 355th this year with $2.3 billion (down from 354th but level on assets). 

Edited by: Neil Anderson, Managing Editor

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