Former HBK Capital Management chairman and managing director Laurence Lebowitz is joining The Investment Fund for Foundations as its new president and chief investment officer.

Lebowitz takes over from David Salem, TIFF's founding president and CIO, who announced in late 2009 that he wants to reduce his duties at the company.

"This appointment is the result of a comprehensive international search that transpired over the past six months. Larry brings an extraordinary combination of experience, skill, and enthusiasm to TIFF as the organization pursues its mission in the years ahead," Richard Flannery, the chief executive officer of TIFF Advisory Services, said in a statement.

TIFF's affiliates oversee in excess of $8.5 billion on behalf of some 750 endowed charities in the US.