Banks with M&A group
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Different at every bank. Sometimes M&A runs the model, sometimes the industry group, and sometimes it will even be the product group if the deal in question is heavily dependent on that (e.g. a high yield loan offering model may be run by LevFin).
Banks that have separate M&A teams (Originally Posted: 04/04/2010)
Hi guys -
Just wondering which bulge brackets still have separate M&A teams in addition to sector teams as their business model?
Most famous one is probably MS, could you tell me about the others, i.e. GS, JPM, UBS, etc? If some of them have a separate M&A team as a common feature, how are they different from each other, i.e. how important is the M&A team in the bank?
I sometimes wonder why people attach such a high value to M&A analyst, if this kind of structure does not exist in every bank...thanks for your response.
Cheers,
JP and UBS both have separate M&A teams
Banks with separate M&A teams: MS* JPM CS* UBS Barclays
Banks without separate M&A teams: GS LAZ/EVR/GHL/etc**
The M&A team, in general, executes a transaction that has been brought in by the industry team. As such, they're quite important. In banks without a separate M&A team, the coverage group executes its own transactions - sees them through from start to finish.
People generally attach high value to M&A analysts because, while they have relatively shallow industry knowledge, they have deep knowledge of M&A dynamics and the ins and outs of M&A accounting and modeling, skills sought in PE positions post-banking.
Thanks DaCarez. Understand this.
Just wondering each deal generally only has 1 analyst/Asso/VP/D etc (not talking about a mega deal that needs many people), if you have 1 sector analyst on it, why would you even need a M&A analyst on the same deal? And as a sector coverage head, it doesn't make sense to let his juniors only do pitches or client meetings without getting deal experiences, and ask the M&A analyst to do the actual execution, so I somewhat don't know how this kind of project staffing works in different banks. Thanks for your insights.
Barclays - each industry group has its own M&A ppl that specialize within that particular industry
I'm pretty sure Credit Suisse and BAML have separate M&A teams, although i'm not 100%
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