MArk Baumgartner
Carnegie Corporation of New York has named Mark Baumgartner as its new chief investment officer following an extensive nationwide search conducted by members of the foundation’s investment committee and several investment advisors. Baumgartner will oversee the Corporation’s $3.4 billion endowment and an in-house investment team.
Baumgartner comes to the Corporation from the Institute for Advanced Study in Princeton, New Jersey, where he has been the CIO for nearly seven years, building on a significant career in investment management. He starts at the Corporation on December 2, 2020.
“We began the CIO search in September and were gratified to hear from more than 200 exceptional applicants,” said Martin Leibowitz, chair of the CIO search committee, past chair of the board of trustee’s investment committee, senior advisor to Morgan Stanley, and president of Advanced Portfolio Studies LLC. “Mark Baumgartner stood out from the start as the best fit due to his stellar performance investing in both up and down cycles as well as his leadership on the boards of several high-level mission-driven nonprofits. We are delighted to welcome Mark to the Corporation.”
“Mark Baumgartner is the only candidate to receive the unanimous approval of the selection committee, which is an outstanding show of support for his capabilities,” said Anne Tatlock, chair of the investment committee and former chairman and CEO of Fiduciary Trust Company International. “Due to the weak economy and unstable financial markets, it is critically important to have a CIO with Mark’s depth of experience. I look forward to working closely with him as we fortify the strength of our endowment and investment team.”
In 2014, Baumgartner joined the prestigious Institute for Advanced Study (IAS), a research institution, as the CIO responsible for an endowment of nearly $1 billion. During his tenure, Baumgartner outperformed benchmarks through a focus on strong investment returns and a highly analytical approach to research, assessment, and allocation. In 2019, Baumgartner’s accomplishments were recognized by his investment peers when CIO magazine named the IAS fund as its Endowment of the Year and ranked Baumgartner #8 on its list of top 20 endowment and foundation CIOs. Prior to IAS, he was an investment director with the Ford Foundation for more than four years, helping to restructure the endowment and rebuild the department following a management transition.
“We are grateful for Mark Baumgartner’s decision to assume the important stewardship responsibilities of being the Corporation’s chief investment officer,” said Governor Thomas H. Kean, chair of the Corporation’s board of trustees and former governor of New Jersey. “Mark is joining the Corporation at a time when philanthropic foundations are working hard to respond to the unprecedented disruptions caused by the pandemic. We need his expertise to help maximize returns from our endowment and support the nonprofits who are assisting in the nation’s recovery.”
“Our founder, Andrew Carnegie, established the Corporation in 1911, stating that the foundation would carry out its philanthropic work in perpetuity to benefit humanity for untold generations,” said Vartan Gregorian, president of Carnegie Corporation of New York. “This mandate makes the selection of a CIO vital to the foundation’s longevity and the fulfillment of its mission. We were impressed by Mark’s investment acumen and standing in the field as well as his intellectual curiosity and analytical thinking as seen by his multiple advanced degrees, including a PhD in aerospace engineering.”
Baumgartner earned a PhD and two master’s degrees in mechanical and aerospace engineering from Princeton University, in addition to an undergraduate degree in aerospace engineering from the University of Florida. His investment career involved positions at Boston Consulting Group, Morgan Stanley, and Credit Suisse, among other firms, before he joined the nonprofit sector. Baumgartner serves on the governing boards of the YMCA Retirement Fund, the Investment Fund for Foundations, the Foundation Financial Officers Group, and Sponsors for Educational Opportunity, a nonprofit that assists underrepresented minorities with college and careers.
“I’ve long respected Carnegie Corporation of New York’s mission, which blends the Institute for Advanced Study’s pursuit of knowledge and the Ford Foundation’s pursuit of justice and equality,” said Baumgartner. “The Corporation’s core tenets of education, democracy, and international peace and security are timeless, noble, and particularly relevant today. I’m honored to join an organization with a distinguished history of inspiring action and driving positive change.”
The Corporation is grateful for the care and commitment of the CIO search committee, which was comprised of trustees who make up the foundation’s investment committee, including:
- Pedro Aspe: Economist and Chairman of Insignia Capital
- Lionel Barber: Journalist, Author, and Former Editor of the Financial Times
- Kevin J. Conway: Vice Chairman of Clayton, Dubilier & Rice, LLC
- Maria Elena Lagomasino: CEO and Managing Partner of WE Family Offices
- Louise Richardson: Vice-Chancellor of the University of Oxford
In addition to the search committee chair, Martin Leibowitz, several other investment advisors also participated in the search, including:
- Geoffrey T. Boisi: Former Chairman of the Corporation’s Investment Committee and Chairman and CEO of Roundtable Investment Partners LLC
- John E. Hull: Retired Financial Vice President and CIO, The Andrew W. Mellon Foundation
- Meredith Jenkins: Former co-CIO of the Corporation and current CIO of Trinity Church Wall Street
- Kim Lew: Former CIO of the Corporation and current President and CEO of the Columbia Investment Management Company
Baumgartner succeeds Lew, who stepped down in October after 13 years of service with the Corporation to take her new position, managing the endowment of Columbia University.
For Further Information: Celeste Ford | Director of External Relations
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