Jon-Michael Consalvo Appointed CIO of Carnegie Corp. of New York

Jon-Michael Consalvo

The Carnegie Corp. of New York this week announced it will promote Jon-Michael Consalvo to CIO.

Consalvo is currently a managing director in the investment office and has been at the philanthropic fund since 2009. He will succeed Mark Baumgartner, who stepped down in September 2023 to become CIO of the Dalio Family Office. Consalvo’s appointment is effective March 1.

Having joined Carnegie Corp. as an analyst in 2009, Consalvo rose to managing director in 2020. According to the announcement, Consalvo was instrumental in doubling the foundation’s assets to $4.2 billion.

Consalvo was named a CIO NextGen in 2022, when Baumgartner noted his contributions to Carnegie Corp.

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“JM is a true culture carrier for Carnegie, having been with the foundation for over a decade now,” Baumgartner said in 2022. “He joined Carnegie from business school in 2009 and rose through the ranks, taking on more and more responsibility on the investment team, most recently as a managing director overseeing the Corporation’s private markets partnerships in 2020. His thoughtful, composed and reserved personality veils a terrific sense of humor which endears him to the broader team and to program staff at the Corporation.”

Consalvo earned a bachelor of science degree in finance and economics from the NYU Stern School of Business and an MBA from the Wharton School at the University of Pennsylvania. He is also a CFA charter holder.

“I am humbled to follow in the footsteps of many great investors who have built a sterling reputation for our investments office,” Consalvo said in a statement. “It is an honor to support the foundation’s dedicated grantmaking team under the leadership of Dame Louise Richardson, and I am truly thankful for the support of my colleagues, the board of trustees, and the guidance of our Investment Committee. I look forward to generating great results for the organization and building on its investment strategy to further the foundation’s vital work.”

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Tags: Carnegie Corporation of New York, Endowments, Jon-Michael Consalvo

The Church Commissioners of the Church of England announced on Wednesday that it is seeking a new CIO to manage the church’s 10-billion-pound ($12.61 billion) portfolio.

The church’s current CIO, Tom Joy joined the organization in 2009. He is planning to step down in April for an unannounced opportunity.

The Westminster-based professional will lead a team of 50 in the church’s investment office and will be in charge of investment strategy for the fund’s diversified portfolio. The CIO will work with “dual objectives of delivering strong returns so that the Church Commissioners can maximize its sustainable long-term funding support to the Church of England and be at the forefront of responsible investment globally,” according to the job posting.

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The fund manages 40% of its assets internally with the rest allocated to managers globally.

The job posting lists some of the following requirements for the position:

Minimum of 10-15 years of experience investing in public and/or private markets
Demonstrable strong investment track record
In sympathy with the work of the Church of England
Deep network of industry contacts to assist in thought leadership and investment idea sourcing
A philosophical alignment with the Church Commissioners’ approach to managing multi-asset portfolios

“The successful applicant will be a proven leader whilst also a low-ego team player able to nurture a strong values-based Investments team culture and adept in working with a complex network of internal and external relationships, trusted to act as a public-facing voice of the Church Commissioners,” the job posting states.

The church’s portfolio has returned an annualized 10.2% over the past 10 years, according to the fund’s 2022 annual report. The fund allocates 28.9% of its portfolio to public equities, 13% to absolute return assets, 8.2% to private equity, 7.6% to cash and cash-like assets, 7.4% to defensive equities, 5.8% to venture capital, 5.2% to credit strategies, 4.9% to timberland, and single digit allocations to several other asset classes.

The church’s CIO will join a fund that has a unique structure. According to the job posting, “The Church Commissioners’ for England is a statutory endowed charity managing over £10 billion of historic assets for the Church of England and an administrative body with regulatory and quasi-judicial duties. It has representatives of Church and State on its governing body and is answerable to Parliament and the General Synod of the Church of England. Financial returns are used to support the mission and ministry of the Church of England.”