Coverage vs. M&A at Mid and Senior Levels

I'm at a platform that does all M&A execution in house so I'm wondering how is work split between the coverage and M&A team when you have both particularly at the VP and MD levels? From a senior banker perspective it seems like you'd want to be a coverage MD to bring in clients then have an M&A banker execute the deal and would get comped more since you own the client relationship? On the flip side, in an M&A deal, what does a coverage VP do if you'd normally drive the process forward but that is then handled by the M&A team? I'm in SF so JPM Tech vs. M&A is the one I see the most.