Morgan Joseph & Co., the New York investment bank, has launched a structured products group, naming Darren Wolberg and Dale Hoffman to serve as co-heads and managing directors of the new analytics and trading unit.
The pair, former BB&T Capital Markets structured product group bankers, will report to Matthew Stedman, head of sales at Morgan Joseph. Wolberg and Hoffman will oversee the trading of RMBS, CMBS, CLOs and ABS.
This is an especially opportunistic time to enter into this market, and being able to do so with experienced individuals is critical, said Stedman in a statement. The structured products market has suffered a significant battering and by having an experienced team that can identify those securities with value we will be able to provide a valuable service to our clients and build for the future.
Wolberg brings 23 years of structured products trading experience to Morgan Joseph, following his most recent post as managing director of the alternative spread products trading desk of BB&T. Prior to that position, he served as head trader and a managing director at Legg Mason Wood Walker.
Hoffman, meanwhile, has accumulated more than 20 years of trading and management experience in the fixed income market. While at BB&T, he was responsible for trading and marketing CLOs and trust-preferred securities, after an 11-year tenure at Legg Mason. He managed several fixed income businesses at Legg Mason, including its taxable fixed-income segment.
Joining Wolberg and Hoffman is Jay Bisarya, a former RBC Capital Markets structured credit banker, who was appointed director of fixed income. Bisaryas primary responsibilities will involve marketing. Besides RBC, Bisarya has had stints at ABN AMRO, Deutsche Bank and Wedbush Morgan Securities.