What is regional coverage like?
Hey all, looking for some information on what regional coverage is like, for example “UK coverage” within IB. What sort of work do they get pulled into vs product/industry teams and their relevancy on a transaction?
I would like to understand if they model (I don’t see why they would when the industry teams are roped in and have greater expertise, but please correct me if I’m wrong) and what are hours like vs product/industry teams and exits?
I have the opportunity to join a regional coverage group at my BB and would like to know what I’m getting myself into, so would be great to hear from regional coverage bankers on your experience so far
Thanks! :)
At Cdn big 5, the regional coverage group here just hold relationships and offload the execution to hq.
As always, depends entirely on the bank and group.
Had some experience at a "Regional Coverage" office like you're describing for the UK. We handled everything that came into and out of the region including M&A, ECM/DCM, credit syndication etc. Depending on the deal, we'd either hold the pen on most of the key workstreams (our region was the strongest in the bank in a couple of industries) or provide support for relationship-driven workstreams (like buyer outreach).
The general rule of thumb I find is that you'll get a broader experience set across the products, and workstreams are assigned to the teams that have the best experience with it. You'll be collaborating A LOT with other offices and the mothership(s) (very few regional offices have the capability or expertise to own a deal from origination to close), and that will play into your responsibilities. If you're working with a tech client for example, and your regional coverage team isn't known for their tech expertise, your firm's best tech office will likely be looped in to handle analysis. If you're the go-to office for mining or energy though, and some mining or energy M&A comes in (common in Texas and Canadian regional offices), you can expect to handle the bulk of the work.
The exception to this is equity or debt raises. The VAST majority of those deals are executed by the motherships simply because regional coverage offices / teams almost never have their own trading teams. Regional coverage will be involved to handle the relationships and maybe some admin workstreams, especially if they originated the deal through one of their coverage clients, but the actual analysis and work will be delegated to other product teams.
It basically varies across banks and teams. UK teams are typically larger, more involved and can do the heavy lifting. Large plc transactions might be executed entirely by them. Other groups which run leaner and / or are in satellite offices might mostly be relationship focused but it's always different. I've been on deal where country coverage led the model and process with just VP and MD from sector team but usually its the other way around (except UK teams).
OP here- wanted to add that the bank is MS in case anyone has any extra info!
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