Deloitte has hired a former executive director of distrubution and syndication of structured products at Morgan Stanley and a leveraged finance banker from HBOS to strengthen its debt advisory practice in asset classes that have been at the core of the market turmoil.

Tim Armstrong, formerly responsible for the global distribution and syndication of structured products such as collateralised debt obligations at the US bank, joins Deloitte as a director in the consultancy's debt advisory practice, which is run by James Douglas.