Morgan Stanley has leapfrogged Goldman Sachs and Citigroup to take first place in the global equity capital market rankings, according to preliminary data from Dealogic, the investment banking research firm.

At the end of last year Morgan Stanley was ranked third globally with a market share of 9.9%. In the first three months of this year this had grown to 12.9%. It was the only bank to notch up a global market share of more than 10%.