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Curious - how do coverage groups get engaged in RCF extensions? At my bank they are handled completely by DCM or LevFin
They pawn off like industry overview, competition, valuation, historical financial updates and future projections to coverage since they should know more about the company in theory. Essentially those aspects are assigned to coverage while they run the process.
One of the weaker groups. UBS's strong coverage groups are FIG and GIG. The LevFin team is strong too, think they do more of the modeling work than FSG(which is still strong relative to the firm). After those 4, it's kind of personal preference
Bump
WLB is decent most of the time.
Has a couple Barclays bankers but yet no real deals that I’ve heard.
Missed out on the Dish - Direct TV deal today which Barclays was on. M&T and Tech are the lowest deal flow teams in the bank.
Better than nothing if you get it.
Fair take imo
They got guys who were historically M&A bankers who recently went to coverage at Barclays before leaving. Like to over analyze scenarios with technical complexity and confuse clients.
Think its a fair mix of qual and quant but your perogative
Heard they had good momentum in a coffee chat. Was the banker lying?
They have great momentum like every other UBS group because the comparison is 2024 numbers. 2024 numbers are the worst the firm has ever seen and the firm won nothing in 2023 given all the instability. Also, the MDs that were brought in from Barclays have guaranteed comp for this year and they keep pitching for 2025/6 deals for obvious reasons. TLDR: Yes this is true but only because the comparison point is so horrendously bad compared to expectations or even norm for the firm.
Are you saying the bonus structure makes MD bankers selfishly not worry about 2024, and work only 2025/2026 pie in the sky deals?
Some good fee sharing opps with other groups / products in the pipeline!
Fee sharing? You would have to get fees first before you consider how it’s split up.
is the team eat what you kill?
This is wild to hear as a coverage banker at UBS b/c the better coverage groups at the firm like FIG/GIG are pretty good at fee sharing with their product counterparts and working with them. A lot of GIG's fees are shared with LevFin and ECM given deal flow, and we are pretty happy to share the fees. Even in our M&A deals(mostly MM and UMM ones these days with the odd large-cap one), we are willing to share fees.
To the lev fin junior, apologies and maybe just give them the template for the cap table. I love how we also go through a multi week process to get a leverage read on imaginary take private deals and then “you know whatever” the model assumptions to get to that 20% IRR.
Way better than UBS Tech! No doubt about it!
Hoping both do better in 25
My take as someone who used to be in the group:
Positives: Last class of analysts placed pretty well by UBS standards
Key to the above was working with the right MD and ED who actually cared, took time to teach / mentor and had a network to help
Has a couple tenured juniors who do care about culture. Respect
Shoutout to 🦡🦡🦡
Lmao!
Should be rephrased to last class that will ever place well from this group
is ubs hybrid? or 5 days in?
5 days if you don’t want to be on the rif list
4 days
Bumping this epic thread
Recent MD leaver, tough break
^ This is probably cap. A BB MD is not using an anonymous shit posting message board to quit.
So Media down to 3 MDs, but two who sit in Tech? Any thoughts? Who is the new head?
They will need to go out and spend to hire a reputable Media MD to be able to win future mandates
Wow this is bad for the team
He likely got pushed out after they hired another senior media banker
Left for DB
….
Likely a sign that feedback, concerns, and issues are being blatantly dismissed, forcing juniors to go public just to be heard and drive change
What types of deals does the team work on? Last M&A deal you worked on?
None of the analysts on the team have been exposed to any notable sell side M&A. If the team ever wins a broadly marketed public co sell side, execution will be a real concern. Dont think our Associates would do well either
Dreadful, will likely end up combining with Tech soon to make their stats look better
Best I can do is an RCF extension
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