ABSTRACT
In 1946 he founded Fidelity Management and Research Co (FMR) as a corporation to act as investment adviser to The Fidelity Funds. Assets under management were $13 m. In 1947 Mr Johnson founded the Fidelity Puritan Fund – the first income-oriented mutual fund to invest largely in a portfolio of common stocks. Tsai ran the Fidelity Capital Fund in a highly flamboyant and successful style, and was very much in the media spotlight. But Mr Johnson's son, Edward C. In 1969 Fidelity International was founded in Bermuda to manage funds available exclusively to non-US investors, and the FMR Service Company was created to bring shareholder recordkeeping in-house. Ned Johnson was, and is, fascinated by technology as well as investment, and this gave, and gives, Fidelity a surprisingly different profile of interests from the traditional fund manager. Fidelity believes in detailed in-house research and also in empowering the individual fund managers.
