Former Head of Fidelity Billionaires' Family Office Leaves Firm

Lane MacDonald, who was recruited by the family office of the billionaire dynasty behind Fidelity Investments, has left parent firm FMR.

MacDonald, 57, confirmed he’s on garden leave — or mandatory time away from the industry before joining a competing firm — after departing FMR, where he was president and chief investment officer of its diversified investments group.

A spokesperson for Boston-based Fidelity declined to comment.

MacDonald has had ties to Fidelity, the financial services firm with about $10.3 trillion under management, for almost a decade.

The Johnson family’s private investment firm, Crosby Advisors, brought him in about nine years ago after he was head of the private equity portfolio at Harvard Management Group, which runs Harvard University’s endowment.

He then shifted to FMR, the parent company of mutual fund and financial services giant Fidelity.

FMR is 49% owned by the Johnsons, who ranked 12th on Bloomberg’s annual list of the world’s richest families with a fortune exceeding $40 billion. FMR is affiliated with businesses that invest money on behalf of the Johnsons and other Fidelity employees and shareholders.