Any insight on IB country coverage groups?
So I didn't know that some global banks had the country coverage groups in addition to the product and industry groups. Any thoughts on this? Good or bad? How are such groups structured and what do they do exactly?
What we do: We do M&A, ECM, DCM, LevFin for companies based in the country that you cover. For M&A, if you are buy.side you may work for an international player that want to buy a specific company in the country you cover, if you are sell-side, your client is based in the country (if your client is a PE, then the portfolio company is based there). You do the same job that an industry guy. The difference is that you do not cover companies by industry but by product. When there is a deal running, the deal team is usually composed by people from the industry team, country team and product team (if necessary, M&A skills sometimes are embedded in industry or country teams).
Pro: - Compared to my colleagues in London, I have the feeling that I have, on average, more senior exposure and that I am asked to do thing that range from what it is usually asked from Analyst 1 to Associate 1, no matter what your seniority is (albeit depending on your performance); - We do not hold comps file - We go to meetings more often, probably - Since the staffer manages a smaller team, he actually cares more that the usual staffer in London - You can visit your family more easier / often - Pay is higher, given the fact that you receive the London salary but are usually based in a cheaper country (and sometimes in country where you do not pay taxes)
Cons: - PE/HF recruiting is more limited and depending on the country you are from and by the activity of PE/HF in that country - Do not acquire specific sector / product knowledge - If you are from a country with a limited number of large corporations, you may end up covering always the same files - Less exposure, on average, to jumbo deals - You may not have a much larger panel of associates to learn from (partially off-set by larger exposure to VPs and EDs) - If the Associate / VP is based in London, working on the phone is more complicated that sitting together in the same room
Structure: - Same as per industry team but, depending by the country, usually smaller. My team has c. 3 MDs, 2 EDs, 1 VPs, 1 Assoc, 4 Analysts
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