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In Corporate Broking you'll collate feedback from institutional investors, equity research analyst and sales teams; providing clients with equity market intelligence. The UK is the only country with Corporate Brokers and they have special privileges compared to other ECM professionals (in some banks they can speak directly to the buyside to get sentiment on the stock).
Not sure on any of those teams in particular, but in general the UK teams have a work hard, play hard culture.
Some banks' broking teams are lumped together with UK ECM and others UK M&A - your experience will largely depend on this.
Got it, thanks.
When you say work hard play hard what does that actually mean? If you work 15h per day + weekends where is the time for anything else??
Any views on UK ECM vs UK Coverage also would be great to hear
I know of broking teams that work 7-1 Monday-Thursday, but they are in the pub at 5 on a Friday.
In ECM you'll do a ton of pitches, market updates, all the process stuff on IPOs (Industry group will do the valuation). Won't build solid technical skills and exit opps are somewhat limited.
In BAML / MS they have both EMEA M&A execution and UK IBD coverage teams. Have never come across either of them but I'd imagine the M&A team holds the pen on the model and the UK team will deal with UK takeover code / processes.
Agree with the above. MS and BAML the stronger of the three, although for different reasons - BAML does lots of buysides, particularly for PE, while MS does more defence work which by definition is lumpier (hence why they can jump up and down league tables a bit).
Hours hard to generalise and really depends on the bank / team.
Exits are only limited by your languages really as most people in UK teams are monolingual native Brits - can make MF difficult but plenty of people from UK teams go to very good funds
Thanks, super helpful
Any more colour re hours? For broking/ecm roles I have heard everything from 7-7 to 8-2am plus weekends
Anyone on here actually work in UK coverage or ECM in London?
Any ideas as to how it is organised at HSBC - got a SA offer on that desk...
Hi, to clarify the corporate broking work within a UK coverage team is minimal, taking up very few hours of your time. There might be additional work load here when results presentations or CMDs are taking place.
For me (might not be the same everywhere), on top of the CB work we usually join industry teams for M&A and ECM transactions and on a fair number of occasions have done M&A/ECM transactions out of the UK coverage team only. hope this helps
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