Morgan Stanley is seeing a rise in early action in mergers and acquisition, setting up the lender for a recovery of M&A activity next year. Head of Investment Management Daniel Simkowitz says at the Barclays Global Financial Services Conference that Morgan Stanley is seeing early action and “some real data points in the market” on M&A, building on the improved sentiment and backlog of deals the investment bank saw several months ago. He says execution in capital markets has also improved. “That leads us to believe that 2024 should be meaningfully improved versus last year and that we’re in the midst of a sustainable recovery,” he says.