SkyBridge Capital founder Anthony Scaramucci remembers Abigail Johnson as a quiet, highly prepared Harvard student years before she took the helm of Fidelity and helped steer the family business into the digital era.

Scaramucci Recalls Abigail Johnson’s Harvard Days

Speaking with Wall Street Journal editor and author of "House of Fidelity," Justin Baer, in a podcast posted Tuesday, Scaramucci recalled taking a financial instruments course with Johnson.

Johnson, he said, was "very well prepared" and consistently answered questions well, but wasn’t particularly flamboyant.

Scaramucci described her as having "levels of introversion," adding that her success showed that "introverts win."

Abigail Johnson’s Fidelity Transformation

Scaramucci said Johnson’s most important achievement was recognizing that Fidelity could not simply rely on its traditional mutual-fund business.

He compared the old model to copper wire in a world "going wireless."

"You can sit in the copper wire and end up losing your business," Scaramucci said, praising Johnson for moving Fidelity toward where the financial industry was heading.

Fidelity’s Next Succession Test

The conversation also raised a major question: Who eventually replaces Johnson?

Baer said it remains too early to determine whether the next generation of Johnsons will take over. He also noted that taking Fidelity public would represent a major departure from the family’s long-standing preference for private ownership.

That structure has allowed Fidelity to pursue long-term investments without the same pressure from public shareholders, Baer said.

The book also examines the tensions between Johnson and her father, Edward "Ned" Johnson III, including a period when the possibility of selling Fidelity emerged.

How the Johnsons Built Fidelity’s $13 Trillion Empire

Baer’s House of Fidelity chronicles how the secretive Johnson family built Fidelity into one of America’s most powerful financial institutions.

Founded by Edward C. Johnson II in 1946, Fidelity helped reshape retail investing through the growth of mutual funds, the introduction of 401(k) plans and a model that reduced investors’ reliance on traditional brokers.

Today, nearly $13 trillion flows through Fidelity’s customer accounts and investment funds, touching the lives of roughly one in six Americans.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo Courtesy: Al Teich On Shutterstock