New to learning and loving this industry I don't quite understand the big picture.
We have coverage groups that focus on a specific industry. These groups actively help raise equity, debt and initiate M&A's for companies they cover. This group pitches but doesn't actually structure deals. Product groups cover specific financing vehicles. These groups become experts from the other side of the field.
I do not understand where M&A groups fall in this scheme. Do Research groups focus on more granular details than coverage groups? Financial Sponsors covers PE firms and is a coverage group?
I understand it varies by firm, but I do appreciate your time and patience in helping me and others better understand (and yes I had trouble finding all of this elsewhere on the site...)