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, a Tuesday news release said.
In a statement, Carnegie President Dame Louise Richardson 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 said.
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.
Carnegie could not be immediately reached for further details.