Michael Stambaugh, Carnegie Institution for ScienceThe Carnegie Institution for Science has named Michael Stambaugh
as its inaugural CIO to oversee its $820 million endowment.
Stambaugh will take up the role on March 28, according to the institution’s website. He is currently managing director of investments at the $1.8 billion Alfred P. Sloan Foundation.
Prior to joining the Sloan Foundation, Stambaugh established an investment office for the American University in Cairo, Egypt. He began working in endowment management in 2000 as part of the team running the $2.5 billion fund for the Metropolitan Museum of Art in New York City.
“Mike brings deep experience in all aspects of asset allocation, manager selection, portfolio construction, and risk management along with a strong interest in the scientific mission of Carnegie,” said Timothy Doyle, chief operating officer at Carnegie.
According to its 2015 report, Carnegie’s board expects the endowment to return 8% to 9% a year on average.
The Carnegie Institution for Science funds scientific research into areas such as biology, astronomy, and ecology.