Edward C. 'Ned' Johnson III, a legendary figure in the mutual fund business who built Boston's Fidelity Investments into a global giant, has died at age 91:
Edward C."Ned" Johnson III, a legendary figure in the mutual fund business who built Boston's Fidelity Investments into a global giant, has died. He was 91.
Johnson was an innovator, who pioneered the concept of selling mutual funds directly to investors, through a toll-free phone line, instead of through brokers. He drove technology investments at Fidelity that put the firm at the forefront of online investing, phone apps and the like. When Pozen first interviewed at Fidelity for the position of general counsel, he said he asked Johnson what the job description was. Johnson replied: “Figure out what needs to be done and do it.”