At the age of 91, the legendary fund manager Ned Johnson passed away, leaving behind a legacy that made Fidelity a titan in the industry.

• Fidelity Investments, now a financial titan, was built into its current form by businessman Edward “Ned” Johnson III, who has passed away at the age of 91.
• On Wednesday, Johnson passed away, according to his family, who confirmed the news on Thursday but did not disclose the cause of his death.
• Johnson, born in Boston at the onset of the Great Depression, began working for his father's firm as a portfolio manager in 1957. He later became the president of Fidelity in 1972 and, following his father's retirement in 1976, assumed the roles of chairman and CEO.

Fidelity Investments, now a financial titan, was built into its current form by businessman Edward “Ned” Johnson III, who has passed away at the age of 91.

On Wednesday, Johnson passed away, according to his family, who confirmed the news on Thursday but did not disclose the cause of his death.

Johnson, born in Boston at the onset of the Great Depression, began working for his father's firm as a portfolio manager in 1957. He later became the president of Fidelity in 1972 and, following his father's retirement in 1976, assumed the roles of chairman and CEO.

Johnson's four-decade tenure transformed Fidelity into the Wall Street and investment giant that it is today, while his father founded the firm.

The Johnson family expressed immense pride in his accomplishments and gratitude for his life in a statement. He was a visionary, innovative thinker, and philanthropist who had a deep curiosity about the world and lived each day to the fullest.

The creation of the IRA and 401(k) account in the 1970s and 1978, respectively, fundamentally changed the way Americans saved and planned for retirement.

Fidelity gained from a widespread increase in investing interest and accessibility in the 1980s. The stock market was no longer exclusive to the wealthy; it became a popular investment tool for retirement accounts across the U.S. During Johnson's leadership, Fidelity began selling mutual funds directly to the public and offering discount brokerage services, making stock investing more affordable.

Fidelity's growth from $3.9 billion in assets under management in 1977 to $5.7 trillion in 2014 made Johnson and his family billionaires.

Abigail Johnson, the daughter of the Boston-based company's founder, now runs the privately held company.

Johnson is survived by his wife, Elizabeth “Lillie” Johnson, and three children: Abigail, Elizabeth, and Edward Johnson IV.