Any visibility on JPM's Family Coverage Group?
JPM has a 2-3 year old platform in their IBD called the Family Coverage Group. They essentially provide M&A advisory services to middle market customers originating from their private banking / commercial banking platforms. I’m aware that there are some posts on this website regarding JPM’s Mid Corporate Investment Banking, but I’m not sure that this is the same thing.
Here’s a job opening from them: https://www.velvetjobs . com/job-posting/cib-regional-investment-banking-associate-los-angeles-440753
Can't comment on the group, but on your "less sophisticated clientele" assumption, the family offices I came across while in MM IB were typically as sophisticated as regular MM PE funds, and they were typically staffed with people of the same background / calibre.
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I've come across JPM's MM team once where we sat buy side and they were repping a family owned business with $10mm in EBITDA. The materials were pretty good and looked similar to what I have seen from the IBD, but the process was a bit loose. They partnered with two sector bankers (VP and MD) to provide knowledge and help with positioning, but neither of those two were involved in MPs or the process. I'm sure they helped with some strategic contacts though, since they were well-connected in the industry.
Can't speak to JPM specifically as for the rest, but my impression from other banks as these are second rate services. I've seen some mediocre MDs running the platform and the training wasn't the same as it was for the IBD. That doesn't necessarily mean that JPM's is the same, but that is the anecdotal analysis.
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