Johnson family enterprise extends beyond Fidelity
Edward C. "Ned" Johnson III and his family are best known for their ownership stake in Fidelity Investments, the second-largest U.S. mutual fund company. But the Johnsons own other assets as well, Bloomberg recently reported.
The family is worth $22 billion, the Bloomberg article said. Ned Johnson, 82 is worth $6.9 billion. His daughter Abigail P. Johnson, Fidelity's president, has a net worth of $10.1 billion. Abigail's siblings, Edward C. Johnson IV, 47, and Elizabeth L. Johnson, 49, each are worth $2.5 billion.
Fidelity Investments is valued at about $37 billion, the Bloomberg article said.
Fidelity's parent company is FMR LLC. The family owns 49% of the company; the other 51% is split among 108 Fidelity executives. The Johnsons also own 39.89% of FIL Ltd., known as Fidelity Worldwide, a fund company for investors outside North America; fund managers and senior employees own the rest. Bloomberg estimated that FIL is worth $2.7 billon.
Ned Johnson IV is president of family-owned Pembroke Real Estate, which he helped create in 1997, the Bloomberg article said. Pembroke manages 6.5 million square feet of office and residential real estate, including the Boston Seaport, a hotel and exhibition complex. The family also controls BostonCoach Corp., a transportation company operating in 40 countries, according to the Bloomberg report.
Elizabeth Johnson is president of Louisburg Farm Inc., a horse show barn in Wellington, Fla., the article said.
The Johnsons own about 80% of Boston-based Northern Neck Investors LLC, an investment adviser with $2.2 billion in assets, according to the Bloomberg report. Northern Neck's assets include ProBuild Holdings, the U.S.'s largest lumberyard chain; oil and gas reserves; HR Access North America, a Nashua, N.H.-based human resources services company; Boston temporary staffing firm Veritude LLC; and Backyard Farms LLC, a hydroponic tomato grower in Madison, Maine, the article said.
The Johnsons' family office, Crosby Advisors LLC, is based in Salem, N.H. Their charitable foundation, the Edward C. Johnson Fund, has given more than $225 million to charities since 2000, the Bloomberg article said. (Source: Bloomberg, Sept. 20, 2012.)