Credit Suisse Internship Questions

Hello all. I am a Junior (undergrad). I just finished an summer Analyst internship at a Hedge Fund (on the smaller-side within the mid-sized fund range). Currently, I am looking to apply for positions for this upcoming summer 2016. I am applying to Credit Suisse, and have a question regarding their internship program.

I am currently debating between their Asset Management Internship and their Equity Research Internship. The Asset Management Internship sounds very interesting, as well as the equity research internship. The asset management internship sounds a bit more interesting however than just writing reports on equities under coverage (I really enjoyed my buy-side experience), coming from my HF analyst experience getting to work directly with a PM and my interest in private equity and other forms of alternative investing as well.
Should I apply to both internships, or just asset management? In the prompt for the cover letter it says, "If you have applied to more than one program, please discuss your preferences." It feels like a difficult fine line to walk to explain your preference for one over the other without seeming like you shouldn't really be applying for the second option. Should I be applying to both, or just pick my favorite and go for it?

Also, if my long-term goal is to be a PM, would I be better off getting that equity research experience, even though it sounds less interesting to me than the asset management internship? Any information or input is greatly appreciated.

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