M&A team vs Industry team (London)

Hi,

I am not sure whether this is also the case in the US, but in the UK most investment banks have industry/sector teams and then also have an M&A team.

Struggling to know what the difference would be when an M&A mandate occurs, who will do what and what would the day to day be like for each team? e.g. I know Morgan Stanley, JP Morgan, Citi, HSBC, Nomura and more, all have industry/sector teams and then also a separate M&A team, in their London offices.

I always thought an M&A transaction would just be pitched by/assigned to the appropriate sector/industry teams? Could someone explain the differences please?

Thanks.

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