New York, NY September 26, 2023 — Carnegie Corporation of New York announced today that the foundation’s chief investment officer, Mark Baumgartner, is stepping down to take a new position as CIO of the Dalio Family Office (DFO), which supports the Dalio family in their ventures and investments as well as in their work through Dalio Philanthropies.
Baumgartner is leaving the Corporation after nearly three years as CIO. During that time, he focused on a highly analytical approach to research, assessment, and allocation. During a turbulent time for the markets, the investment team stabilized the endowment and outperformed its peers, and today, the Corporation’s endowment stands at $4.2 billion. Baumgartner joined the foundation from the prestigious Institute for Advanced Study in Princeton, New Jersey, where he had been CIO for nearly seven years. His departure from the Corporation is effective November 10.
“We are grateful for Mark Baumgartner’s expertise, dedication, and stellar performance on behalf of Carnegie Corporation of New York, and while we are disappointed to lose him, we know that this move is an exceptional opportunity for Mark and the Dalio Family Office,” said Dame Louise Richardson, president of the Corporation, speaking on behalf of the board of trustees, including its chair Governor Thomas H. Kean, vice chair Janet L. Robinson, investment committee chair Maria Elena (Mel) Lagomasino, and the entire staff of the Corporation. “The Corporation is fortunate to have a strong investment team, due in part to Mark’s leadership, and we are well positioned to maintain our momentum, maximize the returns on our endowment, and continue supporting our philanthropic goals.”
At the Corporation, Baumgartner helped rebuild the investment team and restructure the endowment portfolio after succeeding Kim Lew, who stepped down after 13 years of service to the Corporation to oversee the endowment of Columbia University. At DFO, Baumgartner will succeed Bruce Zimmerman, who will continue to stay involved as a senior advisor to the firm.
“I am filled with deep gratitude for the profound impact that Carnegie Corporation of New York has had on me — working for such a distinguished philanthropy has been an honor and a privilege,” said Baumgartner. “As I step into a new role, I carry with me the values instilled by the Corporation: a dedication to making the world a better place through improving education, fostering democracy, and promoting peace. I remain deeply connected to this mission and forever grateful for the experiences, relationships, and lessons learned during my tenure.”
Baumgartner’s accomplishments in the financial services industry have been recognized by numerous awards, including Institutional Investor’s Foundation of the Year in 2023. His investment career includes earlier positions at Boston Consulting Group, Morgan Stanley, and Credit Suisse, among other firms, before he joined the nonprofit sector.
Baumgartner serves as a member of the board of directors of The Investment Fund for Foundations (TIFF) and a trustee and chair of the investment committee for the YMCA Retirement Fund. He has also served on the board of directors and investment program committee for the Foundation Financial Officers Group (FFOG). He received a PhD in aerospace engineering and a certificate in public policy from Princeton University.
For more information, contact Celeste Ford, Chief Communications Officer: CFC@carnegie.org.