I was wondering if anyone knew what the best groups are at Morgan Stanley IBD in London.
By best, I mean in terms of deal flow and exit opportunities. Also interested in knowing which groups have better hours.
Thanks!
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Healthcare and M&A are the top teams in London
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
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?
execution pool assists all teams across sectors. This includes IPO work etc. so it isnt per se a pure play M&A team
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?
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?
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.
Morgan Stanley London - Best Groups (Originally Posted: 12/27/2015)
I recently accepted an offer for Morgan Stanley's internship programme in London. I need to submit my top three preferences and was hoping to gain some insight on which groups have the best reputation and will land the best exits.
From looking at other threads Communications and Healthcare seemed to be the best in 2013, but was hoping to get a more up to date view!
and yes tech is split from media & coms though they sit together pretty much I think
Media & Comms and M&A are very strong.
M&A
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.
Does anyone know how the UK Coverage team places on the buy side?
...
Morgan Stanley London Groups (Originally Posted: 03/13/2016)
I've been asked to submit my group preferences for my summer analyst position in Morgan Stanley's London office. Ultimately care about deal flow and exits ops. Please share any insight!
Groups: M&A Execution Restructuring ECM DCM Leverage and Acquisition Finance UK & Ireland Coverage FIG Financial Sponsors Group Consumer Retail Healthcare Media & Communications Technology Power & Utilities Natural Resources Industrials Transport
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
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!
http://www.wallstreetoasis.com/forums/morgan-stanley-london-top-groups http://www.wallstreetoasis.com/forums/morgan-stanley-london-best-groups
M&A and Healthcare
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?
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
Does anyone have any info on Consumer Retail and/or Industrials?
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?
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?
bump
would appreciate it if we could revive this discussion, some additional insight would be great
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
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.
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.
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)?
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
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.
Would be interested in hearing updated views on this.
Bumping an old thread, what are the best groups at Morgan Stanley for PE/HF exits? M&A/HC would be my guess.
Bumpp
For PE that's about right, would add M&C bit overall every team will send ppl to MFs, UMMs. Seem people from less popular groups exiting there (BMG, Services, Transpo, GPUG)
HF is more arbitrary so it's the usual suspects plus other teams. Industrials sent and A1 last year to Surveyor..
Also, RE has sent kids to Starwood (x2) within 6 months and c.1 year on their analyst stint
Best exits: M&A, Media & Comms, Healthcare, Tech, FIG and then maybe Industrials, GPUG and RE
Worst exits: Not a thing really for MS but would say Services, Sponsors (not that bad actually but ok) and BMG
Best hours: Maybe Services and Sponsors
Worst hours: FIG, Media & Comms, RE, M&A, maybe Transpo and possibly others
Good culture overall: M&A, Transpo, Tech (?)
Bad culture overall: FIG, Media & Comms, RE (?)
Might be forgetting some teams
How are transport doing for PE/HF exit?
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