First Financial Services

First Financial Services

First Financial Services, LLC is the family office for the heirs of Edward C. Johnson II, who founded Fidelity Investments in 1946. The office is controlled by his son, Edward "Ned" Johnson III, and his granddaughter, Abigail Johnson, who also serve as the chairman and CEO of Fidelity, respectively. While the family's wealth is inextricably linked to the asset management empire, this office operates as a discrete entity managing the family's personal investment portfolio outside of the Fidelity corporate structure. Its investment strategy is broad and opportunistic. Asset classes actively targeted include venture capital, growth equity, real estate, and absolute-return hedge fund allocations. The office is known to participate in direct co-investments and specialized funds. Confirmed positions have included healthcare ventures, enterprise software startups, and substantial commercial real estate holdings in the Boston metro area. The geographic focus is primarily North America, with select exposures in Western Europe. The office maintains a lean professional staff, drawing on the deep analytical resources of Fidelity without being structurally housed within its parent. Adjacent vehicles include the Johnson Family Foundation, which manages charitable giving, and various direct holding companies for real assets. Abigail Johnson officially assumed the role of Fidelity CEO in 2014, consolidating the family's operational and investment control over the broader ecosystem. Its structural differentiator is the permanent, multi-generational capital base serviced by optionality from one of the world's largest asset managers. The office is not subject to third-party redemption risk, enabling it to hold assets indefinitely across cycles. This allows it to act as a silent, stabilizing anchor in club deals and specialized venture rounds where time-horizon matters more than quarterly liquidity.