PROSPECTUS dated March 29, 1995                   Pricing Supplement No. 10
PROSPECTUS SUPPLEMENT                             to Registration No. 33-57833
Dated March 29, 1995                              July 21, 1995
                                                  Rule 424(b)(3)



                           MORGAN STANLEY GROUP INC.
                         MEDIUM - TERM NOTES, SERIES C

Fixed Rate Notes Due More Than 9 Months From Date of Issue

Principal Amount:   $50,000,000        Annual Redemption  N/A
                                       Percentage
                                       Reduction:
                                                          
Maturity Date:      July 26, 2000      Interest Payment   The 26th day of
                                       Dates:             January and July
                                                          commencing January
                                                          26, 1996
                                                          
Interest Rate           CD Rate        Interest Reset     N/A
Basis:              ---                Dates:
                        Commercial                        
                    --- Paper Rate
                                       Interest Payment   Semi-Annually
                        Federal Funds  Period:
                    --- Rate
                                                          
                        LIBOR          Interest Reset     N/A
                    ---                Period:
                                                          
                        Prime Rate
                    ---                Interest           N/A
                                       Determination
                        Treasury Rate  Dates:
                    ---
                                                          
                        Other
                    ---
                                       Settlement Date:   July 26, 1995
                                       (Original Issue
                                        Date)
Applicability of    Yes                                   
Modified Banking
Day Convention:
                                       Ranking:           Senior
Index Maturity:     N/A                                   
                                       Calculation        Chemical Bank
                                       Agent:
Spread:             N/A                                   
                                       Book Entry Note    Book Entry
                                       or Certified:
Spread Multiplier:  N/A                                   
                                       Reporting          N/A
                                       Service:
Maximum Interest    6.78%                                 
Rate:
                                       Alternative Rate   N/A
                                       Event Spread:
Minimum Interest    N/A                                   
Rate:
                                       Put/Call Date:     N/A
Initial Repayment   N/A                                   
Date:
                                       Put/Call Price:    N/A
Initial Repayment                                         
Percentage          N/A                Put/Call           N/A
Reduction:                             Modification:
                                                          
Interest Accrual    July 26, 1995      Initial Interest   N/A
Date:                                  Reset Date:
                                                          
Initial Interest    6.78%              Initial            N/A
Rate:                                  Redemption
                                       Percentage:
                                                          
Initial Redemption  N/A                                   
Date:
                                                          
Capitalized terms not defined above have the meanings given to such terms in
the accompanying Prospectus Supplement.