The credit crisis has made money scarce and put a big damper on merger activity in the U.S. and Europe, but Asia stands out as a relative bright spot. M&A volume in the region jumped 34.8 percent in the 12 months ended in mid-March, reflecting demand for resource and financial plays as well as a growing appetite among Asian sovereign wealth funds and private companies for investing abroad.

Speaking of standing out, UBS leads the pack running away, raking in $298.1 million in revenues on Asian M&A, according to data provider Dealogic. That may not make up for the bank’s latest subprime write-downs, but it was 76 percent more than the revenues of runner-up Goldman, Sachs & Co. Among Japanese firms, Nomura advances one place to sixth, with an estimated $104.1 million in revenues, and Daiwa Securities SMBC drops out of the top ten.