Need clarification on different divisions of an Investment Bank

[sunnypoker]

so i'm still an undergrad student so i still have limited knowledge of it.
could someone please clarify what the difference is between the Capital Markets division and the Investment Management division? (that's how Lehman Brothers is divided)
and what about "Global Markets" (tons of banks seem seem to have that)

am i correct in assuming that Capital markets is for dealing with the primary market and dealing with IPOs etc?

Global Markets division, i thought would deal with secondary markets mostly... but then what's the difference between Global Markets and Investment Management division? surely they are doing the same thing which is managing the portfolio for their clients, no??

and also, what's the difference with Asset Management then :S ??? and the Risk Management division? all the bank sites seem to word it so that everythin sounds like the same thing :S i have basic knowledge of finance so please someone clarify these for me, thanks

[midas]

Capital Markets is the group that raises capital (equity or debt) for companies in either the public or private markets.

Investment Management is managing other people's money (families, pension funds, endowements) across a variety of risk profiles.

Global markets is very vague and could just be a capital markets catch-all with a world-wide scope.

BTW, Lehman's web site does a good job of explaining the different divisions.

What school are you attending?

[edtost]

global markets usually refers to sales & trading, so some combination of executing trades and trading the bank's capital.

[sunnypoker]

currently attending undergrad at University of Warwick (Warwick Business School) in UK.
if your gonna tell me that i won't have a chance since i'm not at Oxbridge, please make it sound not so painful!

[icepoker]

Just a quick comment. You can split an investment bank into many divisions but if we ignore wealth management and private banking (basically service to grow other people's money), you can split it into two parts.

On one hand you have investment banking which handles mergers & aquisitions (M&A) and services the primary market i.e. IPO's, issuing of new stock for a company that is already listed, issuing of bonds and loans etc.

The other part is capital markets which is basically sales, trading and research. Capital markets contains the secondary market (note that they may sell new issues that come from the primary market, but here you don't have access to the same information as investment bankers when the securities are being issued) which is basically buying and selling of stock, bonds, derivatives and commodities. Here you have the sales people (most transactions go through at least one sales person), traders that contain a book of securities and research who support sales and trading.