Ray Dalio’s Family Office Hires Carnegie’s Baumgartner as CIO

(Bloomberg) - Ray Dalio’s family office has hired Mark Baumgartner from nonprofit Carnegie Corp. of New York as its chief investment officer, as the hedge fund billionaire builds out the firm overseeing his fortune.

Baumgartner, 53, is set to join Dalio Family Office in November after working as Carnegie’s chief investment officer since 2020, according to a statement. He held a similar role earlier at the Institute for Advanced Study in Princeton. Bruce Zimmerman, Dalio Family Office’s current and the first external CIO, will stay on as a senior adviser.

After finalizing his plans last year to step back from Bridgewater Associates — the firm he founded in 1975 and turned into the world’s largest hedge fund — Dalio, 74, has been ramping up plans for his family office. The setup helps handle his private investments and philanthropic donations. Among those causes is ocean exploration, which the US billionaire supports through nonprofit OceanX.

Headed by Chief Executive Officer Janine Racanelli — a former JPMorgan Chase & Co. private banker — the family office is currently building out a branch in Abu Dhabi as part of Dalio’s deeper push into the Middle East. At its existing hubs in the US and Singapore, it has sought to hire investment professionals with experience in illiquid markets and algorithmic programs. Dalio has a net worth of about $16.5 billion, according to the Bloomberg Billionaires Index.

Baumgartner began his career as a management consultant at Boston Consulting Group and worked as a portfolio manager at hedge funds before joining Morgan Stanley, where he became its co-head of global portfolio solutions unit. In 2009, he started as director of asset allocation and risk for the namesake foundation of Ford Motor Co.’s founding family. He left in 2013 to join the Institute for Advanced Study, a center for theoretical research.

“We are thrilled to welcome Mark to our team because his life, investment and work principles are highly aligned with ours,” Dalio said in the statement.

By Ben Stupples and Sunil Kesur


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