The New York investment bank Morgan Joseph & Co. Inc. said it has formed a group that will analyze and trade residential and commercial mortgage-backed securities and other structured products.
Morgan Joseph said last week that it has hired Darren Wolberg and Dale Hoffman as managing directors and heads of the new group. Mr. Wolberg was a managing director of alternative spread products trading at BB&T Capital Markets. He is also a former head trader and managing director at Legg Mason Wood Walker Inc. Mr. Hoffman was a managing director of trading and marketing collateralized loan obligations at BB&T.
Matthew Stedman, Morgan Joseph's head of sales, said in a press release that now is "an especially opportunistic time" to enter the structured products market.