Fidelity Investments plans to launch a multi-family office business in the US, according to reports in the US trade press. The Family Of...

Fidelity Investments plans to launch a multi-family office business in the US, according to reports in the US trade press. The Family Offices Group will have as its main client Ned Johnson, chairman and chief executive of the Boston-based mutual fund company, and his daughter Abigail, according to the report. But the initiative is also seeking additional clients. Seven professionals have been hired to launch the service, which is expected to be rolled out early next year, according to the reports. Lee Weiss is behind the initiative, who joined last year from Merrill Lynch to launch the service. Christine Falvey from Fidelity has also joined as chief financial officer. Ned Johnson, who runs America’s largest mutual fund with his daughter, has a personal net worth of $6 billion, according to Forbes' ranking of the 400 Richest Americans. Abigail is ranked 25 on the Forbes' 400 list with a net worth of $12 billion. Mr Johnson's father, Edward Crosby Johnson II, founded the mutual fund company in 1946.