Comments (35)

Oct 2, 2014

Healthcare and M&A are the top teams in London

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Oct 2, 2014

Media & Comms used to be great for PE placement. No clue how this holds up these days though. M&A is is the execution pool so technically it isnt M&A but great to be in as you will work on a range of verticals (also capital markets related). Healthcare is a great team still

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Oct 2, 2014

Thanks for the replies. Just wondering, what do you mean by M&A is the execution pool so technically it isn't M&A?

In London, do they split up Technology from Media & Communications?

Oct 3, 2014

execution pool assists all teams across sectors. This includes IPO work etc. so it isnt per se a pure play M&A team

Oct 3, 2014

Correct me if I'm wrong but I'm pretty sure the M&A team at MS only does M&A work. They have a separate ECM and DCM team so why would the M&A team assist on IPO's?

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Apr 29, 2015

You mentioned that the M&A team assists all teams across sectors. So, what does the industry team do? I can't imagine it would be rewarding to pitch all day and then hand over the executing to the M&A team? Also, any info on the real estate group?

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May 4, 2015

It varies - as I said earlier, depends on which senior banker has the closest relationship to the client and how the senior banking team decides work gets allocated.

Execution work is hardly fun to do too sometimes - weekly steering committee decks, process timetables, VDR management etc...

Also - some industry team heads prefer the model where their team hands off an execution to the M&A team to run and the industry team remains in support in terms of modeling, refreshing comps and market updates. There can be so much going on in an execution that some teams can't afford to be bogged down with every bit of the execution.

As for real estate - it was once a severe sweatshop but less so now as two very painful German senior bankers left.

Oct 3, 2014

and yes tech is split from media & coms though they sit together pretty much I think

May 4, 2015

Media & Comms and M&A are very strong.

May 4, 2015

M&A

May 4, 2015

Healthcare has easily had the best exits in the last couple of years. 2x Blackstone, Bain Cap, Hellman & Friedman, Oaktree, EQT and Nordic Capital to name a few.

May 4, 2015

Does anyone know how the UK Coverage team places on the buy side?

Oct 10, 2019

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Oct 3, 2014

because industry teams also assists on IPOs etc. and when they need somebody to fill the spots they draw from the pool. Its like in any industry team, yeah mostly you do M&A work anyway. Placement was quite good from the pool too over the last years obviously

Oct 3, 2014

Ah I see. That sounds like a pretty strange set-up. I can understand why industry teams are involved in an IPO but I didn't think the M&A team would be unless it's a dual-track.

Thanks for your help!

May 4, 2015

What about the others? I need to submit six preferences and I'm sure those two will be the top of everyone's list. Also is there a difference between 'M&A execution' and classic M&A?

May 4, 2015

The general M&A group consists of (i) sell side execution team and (ii) corporate defense practice. Both subgroups within "M&A" team. As junior you can either be part of the M&A team and work for both teams depending on staffing needs or you are dedicated to one of the sub groups

May 4, 2015

Does anyone have any info on Consumer Retail and/or Industrials?

Oct 18, 2014

So from the sounds of it, Media and Telecoms, M&A and Healthcare are the top groups.

Does anyone have any insight into Financial Sponsors or Technology? Is it true that at MS, it is the Financial Sponsors group and not the Leveraged Finance group that does the modelling?

Dec 8, 2014

How does lifestyle compare in Media and Telecoms or another industry team vs M&A execution? What about the actual work? Does anyone know which role is more modelling intensive? Any insight about placing? How important is to develop sector knowledge?

Mar 1, 2015

bump

Mar 1, 2015

would appreciate it if we could revive this discussion, some additional insight would be great

Apr 28, 2015

Media and Comms is a sweatshop but is one of the top (if not top) coverage teams in EMEA
The UK coverage team has pretty decent hours
The Leveraged Finance team in EMEA doesn't do much short of execution, LBO modeling is parsed out to the Industry teams and M&A teams most of the time
The Financial Sponsors team doesn't do a whole lot beyond coverage as they are very thin at the junior level

Apr 28, 2015

MonkeyBusiness, would you be able to provide some insight into the differences between the work done in an industry coverage group and a regional coverage group? An Associate in an industry coverage group at MS London told me before that regional groups pick up a lot of residual work from industry coverage groups, is this true? Also, any insight on exit opportunities? Would be interested to hear the differences to a pan-European industry coverage team if there are any other than the obvious working with companies in region X / industry Y.

Apr 29, 2015

It varies - most regional coverage teams will try to shove the work on to the Industry team because of the Industry team's "expertise" in the sector. So the Industry team will find themselves running model, the comps, the sector updates.

The Regional team often will be the one doing alot of the admin process related work or the M&A workstream if the standalone M&A team is not involved. Of course, sometimes the regional team takes on more of the heavylifting and only uses the sector coverage team as an "industry consultant" and runs the entire process - particularly the case where:

a) The Regional team has very strong juniors (not always the case especially with Dubai)
b) The Regional team has capacity
c) The Client does not speak very good English and most interactions are done in the native language.

That said - you're at MS and it will vary from deal to deal as it also depends on which MD/ED has the closer relationship to the client.

Exit ops from my POV seem to be even across all Groups when all things are equal but as usual, PE follows cycles so lately you see fewer hires out of Natural Resources, and more in hot sectors like Healthcare and Telecom.

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Mar 29, 2018

MonkeyBusiness, do you know how the MS London teams are standing these days(2017-18) in terms of dealflow and exit ops? My impression based on dealflow and rumours is that Media & Comms is still the strongest industry team (and still a sweatshop), M&A very good, but what about other teams (Tech, CRG, HC, Industrials, Power&Utilities, RE, NRG)?

May 19, 2018

I have since left MS London but I would say that Media & Comms will remain a sweatshop as long as senior leadership doesn't change.

I know the FIG team was pretty bush as was Healthcare.

I never thought our Consumer or NRG groups were particularly strong. Industrial and P&U would be busy but didn't have great deal flow between 2011-17

Apr 29, 2015

UK coverage is a great team. Good culture / hours, generalist exposure in terms of both sector and product (skew towards M&A obviously), which is useful for exit options.

May 12, 2018
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Sep 5, 2018