Ballast Rock Group Forms Ballast Rock Private Wealth to Provide Financial Advice to High-Net Worth Individuals with a Focus on Alternative Investments Ballast Rock Group will internally reorganize to create distinct asset management and broker-dealer divisions to support its private equity, real estate, and venture capital offerings.
Charleston, SC | November 28, 2022 08:15 AM Eastern Standard Time
Ballast Rock Group, the diversified investment management firm, today announced the formation of Ballast Rock Private Wealth, an independently run, Registered Investment Advisor, to provide holistic financial advice to accredited high-net-worth individuals.
Ballast Rock Private Wealth will concentrate on individuals, families, business owners, entrepreneurs, and family offices seeking objective, unbiased guidance, with a particular focus on alternative investments. This builds on the growth of Ballast Rock Asset Management, which has deep experience in private equity, real estate, and venture capital investments.
“We formed Ballast Rock Private Wealth because we felt individuals and families would benefit from financial advisors who better understood how alternative investments fit into client portfolios,” said Thomas Carroll, Founder and Chief Executive Officer of Ballast Rock Group. “Given how the broader markets have performed, we know there is demand for advice that takes into consideration all suitable and appropriate options for a portfolio. Through this new offering, our RIA will be better equipped to give clients more investment options.”
Andrew Mescon has joined Ballast Rock Private Wealth as its CEO, while Christian Salomone will serve as the firm’s Chief Investment Officer. Mr. Mescon joined Ballast Rock Private Wealth from Integrity Financial Corp., where he was Vice President of Wealth Management. Mr. Salomone joins after serving as Managing Director at Bank of America and Goldman Sachs. Jason Thonssen has joined as Chief Compliance Officer and Director of Client Service, after previously working at Coldstream Wealth Management and Integrity Financial.
Ballast Rock Group is restructuring into three separate operating entities, including Ballast Rock Private Wealth. Ballast Rock Asset Management comprises Ballast Rock Ventures, which include the company’s private equity and venture capital holdings, and Ballast Rock Real Estate, which includes the firm’s Sunbelt multifamily real estate funds. Mr. Carroll will continue to lead both Ballast Rock Group and Ballast Rock Asset Management. Simon O’Shea remains the Chief Investment Officer of Ballast Rock Asset Management.
Ballast Rock Group is seeking regulatory approval for Ballast Rock Capital, a FINRA-regulated broker-dealer.
In addition, Ballast Rock Group has named Dirk Hall as Chief Operating Officer. Mr. Hall was most recently Chief Operating Officer of Impact Health and is the former Chief Executive Officer of medical technology company KKT International.
Ballast Rock Group also named Jana Ritt as Director of the Ballast Rock Foundation, the company’s charitable arm, which is committed to alleviating housing insecurity in all its forms.
“With the formation of our wealth management group and the restructuring of our business, Ballast Rock Group is in an ideal position to ensure that clients have their financial needs met reliably, creatively, and discreetly so that they may take command of their own financial future,” Mr. Carroll said. “The parallel strategies of our solutions and our guidance allow us to deliver on our mission to provide risk-adjusted returns, accurate and timely advice, high-quality frequent reporting, and direct access to management.”
About Ballast Rock Group
Ballast Rock Group is an integrated investment management company specializing in delivering risk-adjusted returns, accurate, and timely advice, high quality frequent reporting, and direct access to management. Ballast Rock Group operates Ballast Rock Asset Management, Ballast Rock Private Wealth, and Ballast Rock Capital. Ballast Rock Asset Management comprises Ballast Rock Real Estate, which includes the firm’s Sunbelt multifamily real estate funds, and Ballast Rock Ventures, comprising venture capital and private equity teams. Ballast Rock Private Wealth is a registered investment advisor, with a focus on alternative strategies. Ballast Rock Capital is awaiting approval to become a FINRA-registered broker-dealer. Ballast Rock is committed to being a driver of positive change. The diversity of our team members brings valuable new perspectives to our industry for the benefit of our stakeholders and the broader community.
For Ballast Rock