Done a lot of reading on this board and I haven't been able to get a clear description of the interaction between coverage groups (excluding FIG and Real Estate) and product groups specifically M&A. In general, I know that M&A/LBO work tends to be "outsourced" to the M&A group and FSG but does that mean that analysts in industry groups get no experience with the modeling at all? I know that there have been some brief posts on the topic but I was wondering if someone could provide additional clarity. Thanks in advance.
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Bump. I think it varies by group and by bank (for example: GS has no M&A so every group does it for themselves). But....would like more info on this as well. Specifically for C/JPM/WFC
hungry, how is MS in this regard compared to GS which apparently doesn't have dedicated M&A group
MS FIG, GPUG and media/teleco do all their M&A in house, other groups it's a toss, depending on which VP is staffed and what he wants to do, etc
Keep in mind, that industry groups primary responsibility (for the most part) is to maintain relationships with the industry they're dedicated to. So principally they do most of the pitching and actually "create" business for the bank. So I know for tech (WC) most groups can be a little smaller compared to their NYC counterpart, so as a consequence do a lot of the M&A work as well. So in terms of getting modeling experience, it just depends on what industry, size bank/group, and where you are. For instance, I know that Merrill specifically had/have industry people only doing industry work, not doing any modeling. Even in that case it can depend on the complexity of your industry (or more specifically how accessible info). So modeling insurance company or power plant maybe fairly straight forward, but let's say you have a toll road or a a tech company in stealth can require more coordination with the industry group.
Hungry : " But....would like more info on this as well. Specifically for C/JPM/WFC"
I know Citi likes to split up into group functions and my friends there don't do much M&A in their industry group. For example, Citi capital markets is totally separate recruiting from IBD. However, Wells Fargo industry groups do a lot more modeling, M&A, and lev fin within the group, esp in TMT and Sponsors (very highly rated group).
I have no idea about JPM, would like more info on them as well.
Bump. How do industry and product groups (M&A) interact for MM banks. Do the industry analysts just create pitch books and pull data 80 hours a week?
Depends on the bank. The places I've been, M&A bankers specialized in industry groups. For example M&A was divided into sub verticals: Healthcare M&A, Consumer M&A, etc.
Depends on the bank. The places I've been, M&A bankers specialized in industry groups. For example M&A was divided into sub verticals: Healthcare M&A, Consumer M&A, etc.
What about a place where there are both product analysts (dcm, lev fin, m&a) as well as industry analysts? I.e. RBC
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