Quick Question - Equity Research

HI, I am looking to make my application to Macquarie for a SA in ER. I was going through their website, looking at different divisions but couldn't narrow down where ER would fit. Macquarie Capital seems strictly IBD and equity underwriting. I don't think ER would fall into their Fund group as that's more along the line of PM.

I am a bit confused. Anyone willing to provide some input?? Would really appreciate it.

Thanks