hi all, random question, in a sell-side process, who writes CIM? Industry group or M&A team?
Understand M&A team don't typically get involved with Pitching and general industry coverage but do they draft CIMs or all heavy lifting is done by industry group?
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Depends on the firm
I find that it is usually the Coverage team that holds pen to the CIM and usually M&A will hold pen to the model. This is because the coverage team will know more about how the asset fits into the market and can market the asset better. Granted this is all situational to the bank. My friend at an MM does all the modeling and sits in the coverage group. Granted he's at a smaller bank.
Isn’t the cim what causes the most hours?
Yes
Well, If you look at the process as a whole. The one document that takes the most is the CIM. The part that takes the most is probably Due Diligence.
This is correct. And if you're on a coverage team, you should push to be involved with DD as well because knowing the sector / assets is going to be helpful whether you stay in banking or move to buyside (or at a more senior level, move to a corporate).
omfg I wrote a draft of a CIM as an unpaid intern, and it was the most dull thing ever.
that just sounds all kinds of wrong for various reasons
You must have been working for a strip mall business broker.
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