Mark Baumgartner will step down as chief investment officer of Carnegie Corp. of New York, effective Nov. 10, after almost three years, to become CIO of the Dalio Family Office, said a Sept. 26 news release.
In a statement, Dame Louise Richardson, president of Carnegie, said "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."
Carnegie's current endowment stands at $4.2 billion, the release noted.
Baumgartner was appointed CIO of Carnegie in December 2020, succeeding Kim Lew, who stepped down after 13 years.
Baumgartner will now become CIO of the Dalio Family Office, which supports the Dalio family in their ventures and investments. He will succeed Bruce Zimmerman, who will continue to stay involved as a senior adviser to the firm.
A spokesperson for Carnegie said they have not yet selected a successor for Baumgartner.