Mark Baumgartner Will Join Dalio Family Office as CIO

Mark Baumgartner

The Carnegie Corp. of New York announced that current CIO Mark Baumgartner will step down after nearly three years to join global macro investor Ray Dalio’s family office as CIO.

“We are grateful for Mark Baumgartner’s expertise, dedication, and stellar performance on behalf of Carnegie Corporation of New York, and while we are disappointed to lose him, we know that this move is an exceptional opportunity for Mark and the Dalio Family Office,” said Dame Louise Richardson, Carnegie Corp. president.

“I am filled with deep gratitude for the profound impact that Carnegie Corporation of New York has had on me—working for such a distinguished philanthropy has been an honor and a privilege,” Baumgartner said in the release. “As I step into a new role, I carry with me the values instilled by the Corporation: a dedication to making the world a better place through improving education, fostering democracy, and promoting peace. I remain deeply connected to this mission and forever grateful for the experiences, relationships, and lessons learned during my tenure.”

At Carnegie, Baumgartner’s investment team outperformed its peers, according to the release, and grew the fund’s endowment to $4.2 billion. At the family office of the Bridgewater Associates founder, he will support the Dalio family’s philanthropic ventures, such as OceanX, Dalio Education and the Endless Network. “We are thrilled to welcome Mark to our team because his life, investment and work principles are highly aligned with ours,” Ray Dalio said in a statement. “I have no doubt that he will effectively lead our global investments, which will be critical to achieving our family and philanthropic aspirations.”

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Baumgartner won a 2019 CIO Industry Innovation Award in the endowments category for his work as CIO at the Institute for Advanced Study.

Baumgartner was also previously a director in asset allocation and risk at the Ford Foundation. He has been a board member for the YMCA Retirement Fund and the Investment Fund for Foundations and Scientific Technologies. He also held positions at Boston Consulting Group, Morgan Stanley and Credit Suisse, among others.

Baumgartner earned a bachelor’s degree in aerospace engineering from the University of Florida and a Ph.D. from Princeton University in mechanical and aerospace engineering.