The J. Paul Getty Trust and Carnegie Corporation of New York both named new chief investment officers on Tuesday, filling two desirable top spots at endowments.
Katharine “K.C.” Krieger was named CIO of the $8.6 billion J. Paul Getty Trust, Katherine E. Fleming, president of the arts organization, said in a statement. Jon-Michael Consalvo was named CIO of $4.2 Carnegie Corporation in a statement the same day.
Krieger was previously the CIO overseeing more than $2 billion in assets for the Eli and Edythe Broad Foundation, the Broad Art Foundation and the Board family’s personal investments. She was part of the Board investment team for 23 years and served as the CIO since 2017. Before that, Krieger worked for Cambridge Associates.
“K.C. brings to us deep experience in investment management and portfolio optimization, and a proven record of success and collaborative leadership. She also has served on the executive team of one of Los Angeles’ most prominent philanthropic and arts organizations, giving her an extensive understanding of the workings of cultural organizations, foundations, and the audiences we serve. I’m excited to have her join the Getty team,” Fleming said.
The CIO role at Getty has been up for grabs since James Williams, who was the investment chief since 2002, announced his retirement in September last year.
Consalvo has worked at the philanthropic foundation for 15 years and is staying on to lead its $4.2 billion endowment and in-house group. Over his tenure there, he’s worked closely with standout leaders of the organization, including former CIOs Meredith Jenkins, Kim Lew, and Mark Baumgartner, who left to lead the family office of Ray Dalio, the founder of Bridgewater Associates.
“Having worked closely with Jon-Michael, I know that he has the investment acumen, experience, integrity, and unmatched commitment that we need in a CIO. Our founder, Andrew Carnegie, endowed the Corporation in perpetuity, making the selection of the CIO of vital importance to our longevity and our ability to fulfill Carnegie’s mission of doing ‘real and permanent good in this world.’ Jon-Michael is exceptionally qualified for the role of growing and preserving our assets,” said Thomas H. Kean, chairman of the Corporation’s board of trustees and former governor of New Jersey.
During Consalvo’s tenure, he helped double the foundation’s assets under management and oversaw a significant restructuring of the investments team during the pandemic, including the hiring of six directors and six analysts.
Extending Consalvo’s stint will be welcomed, as Carnegie Corporation has been a popular place to recruit CIOs from in the past.
Meredith and Kim were co-CIOs before Meredith left for Trinity Church Wall Street.
