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Thursday, October 04, 2018

The Eight Richest Fundsters Are ...

News summary by MFWire's editors

Of the eight richest fundsters in the U.S., six of them share a last name. Meanwhile, another famous fundster has suffered financially thanks to a bad breakup.

Abigail Pierrepont Johnson
FMR (dba Fidelity Investments)
Chairman, CEO
Yesterday Forbes revealed its 2018 "Forbes 400" list of the richest people in the U.S. Familiar faces from the mutual fund industry remain on the list.

Abby Johnson, CEO of Fidelity Investments, remains the richest fundster on the list, ranking 28th overall with an estimated net worth of $17.3 billion. Three other members of her family also made the list: her father, Ned Johnson, 57th with $8.6 billion; and her brother Edward Johnson, IV and her sister Elizabeth Johnson, tied for 190th with $3.9 billion.

Edward Crosby Johnson III
FMR (dba Fidelity Investments)
Chairman Emeritus
Meanwhile, the other billionaire mutual fund Johnson family also landed two spots on the list: Franklin Resources chairman Charles Johnson, 134th with $5 billion; and vice chairman Rupert Johnson, Jr., 172nd with $4.2 billion.

The other two fundsters on the list this year are: Cliff Asness, co-founder of AQR, 215th with $3.6 billion; and Ron Baron, CEO of Baron Capital, 354th with $2.3 billion.

Meanwhile, Janus PM Bill Gross is one of 17 people who fell off the list this year, in his case thanks to a divorce in which his wife got $1.3 billion.

Fundster-adjacent billionaires on the list include: Chuck Schwab, chairman and founder of Charles Schwab, 52nd with $9.3 billion; Ken Fisher, executive chairman and co-chief investment officer of Fisher Investments, 200th with $3.8 billion; Joe Mansueto, executive chairman of Morningstar, 215th with $3.6 billion; Rodger Riney, founder of Scottrade, and Mark Walters, CEO of Guggenheim Partners, tied for 223rd with $3.5 billion each; and Joe Ricketts founder of Ameritrade, 354th with $2.3 billion. 

Edited by: Neil Anderson, Managing Editor

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