Hi monkeys - may have smth coming up with UBS UK coverage team.
I understand the team does both Broking / ECM and M&A. However, heard conflicting things - ie how much execution Vs pitching they do as I’m sure their TMT team , for example, would not want to share Vodafone mandates..
Anybody can shed some light on this?
I work in a Coverage group; what do you exactly want to know?
Do you work in that team?
I want to understand whether the UK coverage team at UBS functions more like a corporate banking / ECM team - i.e. doing client coverage and little executions of M&A / IPOs (from the advisory / M&A perspective)?
We have country coverage teams at my bank but they are based in continental Europe where we don't have a lot of industry coverage teams. So a German team , for example, would be involved in anything that is done in Germany and, often, do a lot of the execution work (no industry coverage teams in Germany). It's a different story in the UK, however, where a lot of our industry coverage is based.
As mentioned earlier, I know that TMT team at UBS covers Vodafone and it is their client. I would assume that other teams like retail have their own UK-based clients. So what's left for the UK coverage team?
I'm interning at a FIG group. Mostly I am doing pitching and origination, no execution, but I am doing valuation proposals. Due to the size of the team modelling is done by the M&A team, not by the corporate coverage. In my case, few ECM - obvs - lots of DCM for banks and especially M&A for Insurers.
Still, you learn a lot. I believe it to be my previous step towards M&A. Feel free to ask anything else.
Thanks!
They sometimes have their own mandates, just because a client seems to be in CP&R /TMT doesn’t mean UK isn’t running the deal. Although Vodafone is TMT, I believe SBRY Asda May be mainly UK for example.
Great, so in line with what I heard - basically down to internal politics who does what.
I'd then assume junior staff (analysts / associates) are involved in day-to-day executions and modelling? Any intel on the extent to which they are involved in ECM?
You don't know anybody on the London desk of UBS that could introduce you to someone who has first hand knowledge of those questions? I think that would be way more beneficial for you (as oppose to someone answering here) since it sounds like you're considering making a jump over there.
Bump
Anyone else can give some perspective?
I have friends there. They do a bit of everything: ECM, Broking, M&A but not much DCM. A lot of UK mandates are shared between the industry coverage team and UK coverage, i.e. both teams will do some work on it and essentially split the work. Some deals, however, are 90% dealt with by UK and the industry teams do less (this usually depends on what MD has the relationship). Hope this helps.
Much appreciated
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