With the launch of Ballast Rock Private Wealth, Ballast Rock Group is restructuring into three separate operating entities. 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. The company is seeking regulatory approval for Ballast Rock Capital, a FINRA-regulated broker-dealer.
The company also made several key appointments at Ballast Rock Private Wealth. Andrew Mescon, formerly vice president of wealth management at Integrity Financial Corp., has joined Ballast Rock Private Wealth as CEO, while Christian Salomone, formerly managing director at Bank of America and at Goldman Sachs, has joined as CIO. Jason Thonssen, who previously worked at Coldstream Wealth Management and at Integrity Financial, has joined Ballast Rock Private Wealth as chief compliance officer and director of client service.
Carroll will continue to lead both Ballast Rock Group and Ballast Rock Asset Management, and Simon O’Shea will remain CIO of Ballast Rock Asset Management. However, Ballast Rock Group has appointed Dirk Hall, formerly COO of Impact Health and CEO of medical technology company KKT International, to the position of COO, and Jana Ritt to the position of director of the Ballast Rock Foundation, the company’s charitable arm. Ballast Rock Foundation is committed to alleviating housing insecurity in all its forms, according to a news release announcing the company’s C-suite shake-up.
Founded in 2018, Ballast Rock Group oversees $220 million in client assets across more than 1,000 active investors, according to spokesperson Christina Diablo.