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.

Want the latest institutional investment industry news and insights? Sign up for CIO newsletters. 

“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.”