Coverage vs. M&A

I’m wondering how common it is for coverage groups to outsource their modeling to the M&A group? Further, how common is it for banks to have a M&A product group?

In the case the coverage group outsources their modeling, what is the coverage team doing? Are they just relationship managers / idea generators (which is all done by the MD), so effectively the analysts and associates are simply putting together decks / conducting industry research?

My biggest interest is corporate finance, I want to do the numbers, I want to do the models, I want to spend my day in excel vs. .ppt and I want exposure to RX, divests, and LBOs. What group should I pursue?