Morgan Stanley is outrunning archrival Goldman Sachs
as 2009's busiest adviser on mergers as optimism grows that the crippling effects of the financial crisis on dealmaking may be easing.

Morgan's strong showing under new merger chief Robert Kindler not only spells prestige and fees, but marks a rebound for the bank after it fell to fifth position in 2008.

"I'm having fun," says Kindler, a former Wall Street lawyer who joined Morgan Stanley three years ago from JPMorgan.

Morgan has overtaken Goldman as the top-ranked adviser for both global and US mergers and acquisitions, working on deals worth $490.9 billion so far this year, as global M&A plummeted 41 per cent to $1.392 trillion.