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DETAILS ON THE WEINBERG FOUNDATION CHIEF INVESTMENT TRANSITION | Your money

Baltimore, March 22, 2022 (GLOBE NEWSWIRE) — The Harry and Jeanette Weinberg Foundation today detailed the planned transition within the Chief Investment Officer role. Current CIO Jonathan Hook will retire from the Weinberg Foundation effective August 31, 2022. He will be replaced by David Gilmore, Deputy Chief Investment Officer. Mr. Gilmore will assume the role of Chief Investment Officer effective September 1, 2022. The changes were announced in mid-November 2021.

“The Weinberg Foundation warmly congratulates Jonathan Hook for his distinguished tenure, including the development and growth of the investment team, as well as his integration into the Foundation’s overall operations,” said Ambassador Fay Hartog-Levin. (retired), Chairman of the Weinberg Foundation. “We also celebrate David Gilmore’s smooth transition to the role of CIO, reflecting the Foundation’s commitment to continuity and planning, as well as internal advancement.”

Prior to joining the Foundation nearly nine years ago, Mr. Hook served as chief investment officer for two universities, Baylor University in Waco, Texas, and Ohio State University in Columbus, Ohio. . For each organization, Mr. Hook served as the first Chief Investment Officer and established the Investment Office. Prior to moving into the institutional investment space, Mr. Hook spent 20 years in corporate and investment banking.

“My experience at the Weinberg Foundation is unique and particularly meaningful,” Hook said. “In addition to the strategic planning that underpinned the creation of the investment office – including the Foundation’s development of a dedicated team to manage the Foundation’s real estate properties in Hawai’i – we needed to quickly establish new external investment relationships and rewrite the Foundation’s investment policies, all with the clear expectation of increasing returns while reducing portfolio risk and expense. knowing that the investment team has been successful in all of these ways and, more importantly, that the Foundation is well positioned to further expand its grants serving low-income and vulnerable individuals and families.”

Since 2014, when Mr. Hook and Mr. Gilmore joined the Foundation, total assets have grown from $2.1 billion to over $3.3 billion, an increase of nearly 60%. As a result, Foundation grantmaking has increased accordingly and substantially, and the Foundation expects to award approximately $140 million in grants in 2022.

Weinberg Foundation President and CEO Rachel Garbow Monroe said, “We are very pleased that the transition plans designed years ago – for all leadership roles – will allow the Foundation to move forward. forward without interruption. In addition to providing prudent and highly skilled asset management, the investment team has also played a pivotal role in a stronger and tightly coordinated relationship between the Foundation’s offices in Maryland and Hawai’i. The Board and I are confident that David Gilmore will build on these successes and continue to foster a culture of superior performance and collaboration.

Mr. Gilmore commented, “I am privileged and incredibly excited to serve as the Foundation’s Chief Investment Officer. I appreciate the support and confidence of the Board of Directors, as well as the President and CEO, as we continue to manage the assets of the Foundation, including the design and implementation of the strategic allocation and tactics of the Foundation’s assets, overseeing risk management and market research, and directing the Foundation’s efforts to diversify its portfolio of investment managers.

The Foundation has increased its investment in various managers to over $500 million, and more than 30% of the Foundation’s investment fund managers are led by women or people of color.

Mr. Gilmore has served as Chief Investment Officer and most recently as Deputy Chief Investment Officer. Prior to joining the Foundation, Mr. Gilmore worked with Mr. Hook, helping to establish the Ohio State University Investment Office. Mr. Gilmore was also a partner at Gerber Taylor Capital Advisors, an independent investment advisory firm.

The work of the Foundation’s investment team, based in Baltimore and Hawai’i, is supported by four outside investment advisors. The outside advisors, along with trustees Paula B. Pretlow and Nimrod Goor, constitute the Foundation’s Investment Advisory Committee. Mr. Goor chairs the Investment Advisory Committee. The outside advisors are Jonathan Havice, Founder, DGV Solutions; Denise Olsen, Senior Managing Director, GEM Realty Capital; Reginald G. Sanders, Chief Investment Officer, Kellogg Foundation; and Sonali Wilson, Alternatives Director, Wellington Management Company.

About the Harry and Jeanette Weinberg Foundation: The Harry and Jeanette Weinberg Foundation, one of the largest private charitable foundations in the United States, is dedicated to meeting the basic needs of people experiencing poverty. In 2022, the Foundation plans to provide approximately $140 million in total grants to support nonprofit organizations that provide direct services in housing, health, employment, education, and services. community services. The Foundation’s priority communities include Baltimore, Chicago, Hawaii, Israel, New York, northeastern Pennsylvania and San Francisco, as well as rural communities near priority communities. The Trustees of the Foundation are Ambassador Fay Hartog-Levin (retired), President; Robert T. Kelly, Jr.; Paula B. Pretlow; Gordon Berlin; and Nimrod Goor. Rachel Garbow Monroe is President and CEO. For more information, please visit www.hjweinbergfoundation.org.

Craig Demchak The Harry and Jeanette Weinberg Foundation 410-294-0994 [email protected]