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Wednesday, September 9, 2020

East and West Coast Johnsons' Fortunes Diverge

News summary by MFWire's editors

The mutual fund industry's East Coast Johnsons have recently gained some ground, while the West Coast Johnsons have lost some, at least according to a magazine's latest list.

Abigail "Abby" Pierrepont Johnson
FMR (dba Fidelity Investments)
Chair, President, CEO
In the just-released 2020 edition of the Forbes 400, the four ranked members of the East Coast Johnsons each saw their net worth rise since the 2019 list, and most saw their ranks rise, too. Abby Johnson, CEO of Boston-based Fidelity (and granddaughter of its founder), remains the richest U.S. fundster and still ranks 34th on the list, but her net worth rose to $15 billion. (She also ranks as the sixth richest woman in the country.) Abby's father, Edward Johnson, III (i.e. Ned Johnson), rose to 72nd $7.4 billion. Abby's brother Edward Johnson, IV rose to 228th and $3.5 billion. And Abby's sister Elizabeth Johnson climbed to 238th and $3.4 billion.

Meanwhile, Charles Johnson, former chairman and CEO of San Mateo, California-based Franklin Templeton (and son of the firmer's founder), slipped to 170th and $4.3 billion. And Charles' half brother, Rupert Johnson, fell to 249th and $3.3 billion.

And in New York City, Ron Baron, CEO and founder of Baron Capital, climbed to 295th and $2.9 billion this year.

(A different fundster billionaire was one of 25 people who slipped off the list this year, down to 804th and $1.7 billion. The minimum threshold for making the cut was $2.1 billion.) 

Edited by: Neil Anderson, Managing Editor

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