The industry downturn is proving to be a boon for mid-market investment banks, who are now sensing an opportunity to derive value from the wreckage of a market that has all but tanked since the middle of last year. New York-based Morgan Joseph & Co. is latest firm to jump into the fray, snagging from former structured finance execs from BB&T Capital Markets, according a press statement on Tuesday. BB&T expats Darren Wolberg and Dale Hoffman will serve as co-heads and managing directors of the new analytics and trading unit that will operate in the secondary market for fixed income structured products. "This is an especially opportunistic time to enter into this market, and being able to do so with experienced individuals is critical," said Matthew Stedman, head of sales . "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 has 23 years of structured products trading experience, and most recently was managing director of the alternative spread products trading desk at BB&T Capital. Previously, he was head trader and managing director at Legg Mason Wood Walker, Inc., dealing in a variety of structured and esoteric products. At BB&T Capital, Hoffman was primarily responsible for trading and marketing collateralized loan obligations and Trust Preferred Securities. He similarly served for more than 11 years at Legg Mason, where he oversaw a number of fixed income businesses, including heading the firm’s taxable fixed income business. Also joining Morgan Joseph’s new fixed income structured products group is Jay Bisarya, who was named director, fixed income and who will be chiefly involved in marketing. Bisarya has previously been involved in the structured credit groups at RBC Capital Markets, ABN Amro and Deutsche Bank (DB), as well as equity trading at Wedbush Morgan Securities. Disclosure: The author held no positions in DB when this story was originally published. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.