Abigail Johnson, the newly minted president of Fidelity Financial Services, the parent company of mutual fund giant Fidelity Investments, was notched at #27 in the recently published Forbes 400 List of the Richest People in America, leading all other members of the mutual fund world, including a member of her own family.
Johnson, whom Forbes called “one of the most powerful women in the world of investing”, was listed as holding a net worth of $11.8 billion. She even out-earned her famous father, Edward, who was ranked #52 by Forbes with a net worth of $6.5 billion. (Actually, the elder Johnson was in a three-way tie for the 52nd spot, with Ralph Lauren and investor Ira Rennert.)
Two other Johnson members, not related to the Fidelity family, but still in the mutual fund business were also on Forbes’ list. Charles Johnson, ranked #72, and Rupert Johnson, Jr., ranked #77, together run Franklin Resources, an investment firm that is parent of the Franklin Templeton mutual fund company.
Charles Johnson, the chairman of Franklin Resources, has a net worth of $4.7 billion, just edging out his brother Rupert, the vice chairman, with a net worth of $4.6 billion. The brothers sit atop the mutual fund company, formerly called Franklin Distributors, which was founded by their father, Rupert Sr., in 1947.