Jon-Michael Consalvo, managing director of Carnegie Corporation of New York’s Investments team, has been appointed as the Corporation’s chief investment officer effective March 1. The philanthropic foundation’s board of trustees voted to promote Consalvo, a 15-year veteran of the institution, to oversee its $4.2 billion endowment and in-house group. Consalvo succeeds Mark Baumgartner, who stepped down in September 2023.
Having joined the corporation in 2009 as an investment analyst, Consalvo rose through the ranks while working closely with the corporation’s investment leaders, including former CIO Kim Lew. He was instrumental in helping to double the foundation’s assets during his tenure, and in 2020, Consalvo was named managing director. In this role, he oversaw a significant restructuring of the investments team during the pandemic, including the hiring of six directors and six analysts.
Consalvo’s track record was recognized by his peers in 2022 when