Fidelity Billionaire Owners' Fortunes Boosted by Soaring Stocks
Fidelity Billionaire Owners' Fortunes Boosted by Soaring Stocks
(Bloomberg) -- The rising stock market has lifted the fortunes of Fidelity Investments and the billionaire Johnson family that controls it.
Closely held Fidelity on Tuesday reported that its operating income jumped 54 percent to $5.3 billion in 2017, while its assets under management rose 15 percent to $2.45 trillion.
For Chief Executive Officer Abigail Johnson, who owns almost one-quarter of the business, the performance boosted her estimated net worth to $11.2 billion from $8.6 billion, according to the Bloomberg Billionaires Index. The fortune of her father, former CEO Edward C. Johnson III, climbed to $7 billion from $5.4 billion. Two of Abigail’s siblings, Edward Johnson IV and Elizabeth Johnson, are now worth $3.4 billion each.
Collectively, the Johnsons own 49 percent of the Boston-based company, which was founded in 1946 by Abigail’s grandfather, Edward C. Johnson II.
Abigail Johnson, 56, succeeded her father as chairman in 2016 after becoming CEO in 2014. Fidelity, through a spokesman, declined to comment.
To contact the reporters on this story: Charles Stein in Boston at cstein4@bloomberg.net, Brendan Coffey in Boston at bcoffey10@bloomberg.net.
To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Pierre Paulden at ppaulden@bloomberg.net, Josh Friedman, Mary Romano
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