The latest moves and appointments in wealth management in the Americas.

Ballast Rock Private Wealth
Ballast Rock Private Wealth, the RIA, has appointed Jim Carroll as a senior wealth advisor and portfolio manager.

Carroll, who will be based in Charleston, was most recently senior vice president and portfolio manager at Toroso Advisors, which he joined in June 2019. Previously, he founded Long Run Capital Management in 2003 to manage investments for HNW families and related trusts and charitable vehicles.

In addition to working in wealth management, Carroll's experience includes four years as chief financial officer of a NASDAQ-listed company and 16 years as an investment banker with Smith Barney, Kidder Peabody, and Bear Stearns. He also served four years of active duty as an officer in the US Army. 

Oppenheimer & Co
Oppenheimer & Co, the New York-listed wealth manager and investment bank, has added 10 members to its distressed debt team – showing that financial strains from rising interest rates create more opportunities in the space.

The team, which joins the firm from TD Cowen, will be combined with Oppenheimer's high-yield desk. It will be led by managing director Jay McDermott, reporting to Peter Albano, senior MD and global head of fixed income. 

"The expansion of our Fixed Income Division further demonstrates our relevance to institutional investors during a period marked by liquidity constraints and an increased frequency of credit events," Albano said. “The evolving dynamics of the credit markets place greater demands on security and sector selection by clients.”

In addition to TD Cowen, McDermott has worked for Bear Stearns, RBS and Debtstream Corp over the course of his more than 25-year career. 

The members include:
-- Tim Cavanaugh, MD, loan sales and sourcing; 
-- Michael Kasper, MD, sales; 
-- Harvey Potter, MD, sales; 
-- Eric Friel, head of high yield and distressed research; 
-- David Kelley, head of distressed trading; 
-- Ron Ryder, head of special assets; 
-- Jon Satran, head of bank loans; 
-- Matt Feldman, executive director, research; 
-- Francesca Sena, executive director, legal; and 
-- Brian Smyth, associate – research/sourcing

"Over the past 15 years, historically low interest rates helped to create an environment that conditioned borrowers to depend upon a lower cost of capital than is presently attainable. As a result, we have witnessed a surge in restructuring and debt advisory engagements across our investment banking and public finance advisory businesses,” Robert Lowenthal, president and head of US investment banking for Oppenheimer, said.