The business, called Ballast Rock Private Wealth, has just been launched.

Ballast Rock Group, the US investment manager, has formed independently-run RIA Ballast Rock Private Wealth, this publication can exclusively report today.

Ballast Rock Private Wealth will concentrate on serving individuals, families, business owners, entrepreneurs, and family offices. 

“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,” Thomas Carroll, founder and chief executive of Ballast Rock Group, said. “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. Mescon comes from Integrity Financial Corp, where he was vice president of wealth management. Salomone is joining 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.

Restructure
Ballast Rock Group, based in Charleston, South Carolina, 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 its Sunbelt multifamily real estate funds. 

Carroll will continue to lead both Ballast Rock Group and Ballast Rock Asset Management. Simon O’Shea is remaining as 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. Hall, who was most recently COO of Impact Health, is the former CEO 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.