BBs that have M&A product group
Does anybody have a list on this?
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BofA, Citi, MS, JPM, UBS, CS. Know GS doesn't have one and think Barc is in house so also doesn't have one. Unsure about DB
Barclays now has a dedicated M&A product group
New change with first cohort of analysts starting in '22
I stand corrected. Thanks for letting me know!
feel like a lot of the appeal of barclays is that the coverage groups do their own M&A and so most groups exit very similarly as they all get experience while only certain groups at BBs exit well. wonder how this will affect the analyst experience
Does this mean they'll be outsourcing modelling?
CS also has one
How does the day to day and compare for those in M&A vs coverage groups at these banks? For example, are the M&A groups strictly building DCF/LBO/etc models while the coverage groups are doing Comps and running processes/doing pitches, essentially tapping the M&A group like a capability center?
As I understand it, M&A helps mostly with the execution of transactions. So building models like you mentioned, coordinating data rooms, helping with buyers lists and due diligence etc.
DB dissolved its traditional M&A group a few years ago and now has a small number of M&A specialists that are hired laterally and cover a specific coverage group or multiple small coverage groups - it’s basically a weird hybrid that is not fully standalone and not fully integrated to my understanding (the entire M&A team does not sit together)
go MS M&A and never look back
WF has one. Not really sure how big it is given they’re not great at M&A
anyone with insight know if theyre any good?
Also just as more info on Wells, some groups like O&G do their own M&A modeling due to their group specific work.
Anyone else think this division of product / coverage is kind of stupid and bad for analysts? Maybe this is me being a jaded PE associate, but just seems worse for everyone.
I was at a MM where my coverage did everything in house - you just understand everything better by doing all steps of the process. Pitching and market maps suck but it’s how you learn about a market and all the players. Building marketing materials also kind of sucks but no better way to understand the intricacies of a business. I’m not sure how anyone even builds models without doing the CIM, I feel like it must be so hard to understand all the business drivers without being forced to write about it. I know everyone here is going to say models are easy etc but a good model (not just a stock crappy 3 statement with a 20% growth rate) really requires knowledge of how the business operates and project at the right level of detail.
Everyone on here likes M&A because they think it helps with PE recruiting (which is certainly true to an extent) but I know plenty of people who can model in their sleep and didn’t do well in PE recruiting because they don’t know how to talk holistically about a business or don’t have a single market they can speak knowledgeably about.
At the same time, coverage alone is also kind of sucky because you don’t model (need to do tons of self prep for recruiting) and you also just do more bitch work like pitching, industry overview decks, etc.
I think this really just solidifies the value of boutiques of any kind (EB, MM, really anything) over BBs in my opinion.
Anyway, just a rant to anyone considering the product / coverage group model. In college I would’ve killed to land a BB offer, but at this point I’m really glad it worked out the way it didn’t and I was able to be at a group that did everything
I've always felt this way as well, really glad my team did everything in-house (also came from a MM).
Preach
What does an MS M&A MD Banker do then with clients if he isn't coverage?
MS M&A seniors can still originate separate to coverage and run deals without coverage MDs being heavily involved (coverage MD wouldn’t get fee credit in this instance); would still have junior staffing b/w coverage and M&A
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