Just curious. I am working at an MM, and we currently have a sellside engagement. We are potentially getting a buyside engagement and the sellside opportunity would be a strong contender for the buyside engagement. Would the firm collect fees on both the sellside and buyside deal?
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wow conflicts of interest much.
yes you would. you'd sign two different engagement letters etc...
yeah if you're lucky you can sell / buy for your in house PE shop too - triple crown
Would imagine there is a call to discuss which 'horse' to back that is most likely to succeed and bringing in a fee.
Depends on the engagement letter I'd say. Usually your client will make sure to avoid this to avoid these conflicts of interest. If there is no clause forbidding you to do it, it's theoretically possible to set up chinese walls but I think in today's environment banks would refrain from it to avoid being vulnerable to criticism from clients or regulators. You would probably consider in advance which would be the bigger check with sell-side having the higher certainty of income obviously. Anyway you usually first pitch for sellside and then turn to buyside if you don't make it but already have basically all materials ready. Preparing staple financing is of course a different thing and could be a second source of income as sellside advisor.
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