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Rating:Fido Gives Johnson Family Power Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, August 10, 2004

Fido Gives Johnson Family Power

by: Sean Hanna, Editor in Chief

Just how influential is Fidelity's Johnson family? Influential enough that Ned and daughter Abby rank in the eighth spot in Fortune Magazine's list of the Power 25 published in its August 9 issue. The two -- who combined are the largest shareholders of Fidelity Investments -- were not ranked last year.

The magazine cited the $1 trillion Fidelity manages as well as the willingness of Ned and Abby to use the muscle those assets provide. For example, Fidelity pressured for changes at the NYSE, said Fortune.

While the Johnson's were the only mutual fund specialists named on the list, there were a handful of other powerful executives who touch the asset maangement business on a regular basis. Citigroup's Chuck Prince ranked just above the Johnsons and number 7 while Bank of America's Ken Lewis came in at number 14. Stan O'Neal of Merrill Lynch ranked at 20 and Hank Paulson of Goldman Sachs at 21.

Oh yes, Berkshire Hathaway CEO Warren Buffett placed at number two. He got into the fund business this year when Berkshire picked up a piece of Safeco's fund business.  

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