PROSPECTUS dated February 9, 1994            Pricing Supplement No. 34
PROSPECTUS SUPPLEMENT                        to Registration No. 33-52007
Dated February 9, 1994                       February 10, 1995
                                             Rule 424(b)(3)


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

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

Principal Amount:  $10,000,000         Annual Redemption   N/A
                                       Percentage:
                                                           
Maturity Date:     February 14, 1997   Interest Payment    The 14th day of
                                       Dates:              May, August,
                                                           November and
                                                           February
                                                           
Interest Rate          CD Rate         Interest Reset      The 14th day of
Basis:             ---                 Dates:              May, August,
                                                           November and
                       Commercial                          February
                   --- Paper Rate                          
                                       Interest Payment    Quarterly
                       Federal Funds   Period:
                   --- Rate                                
                                       Interest Reset      Quarterly
                    X  LIBOR           Period:
                   ---
                                                           
                       Prime Rate
                   ---
                                       Interest            Two London
                       Treasury Rate   Determination       Banking Days
                   ---                 Dates:              prior to the
                                                           Interest Reset
                       Other                               Date
                   ---                                     
                                       Settlement Date:    
                                       (Original Issue     February 14, 1995
                                       Date)
Applicability of                                           
Modified           Yes
Banking Day
Convention:
                                       Ranking:            Senior
Index Maturity:    3 Month                                 
                                       Calculation Agent:  Chemical Bank
Spread:            +0.20%                                  
                                       Book Entry Note or  Book Entry
                                       Certified:
Spread Multiplier: N/A                                     
                                       Reporting Service:  Telerate (pg.
                                                           3750)
Maximum Interest   N/A                                     
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   February 14, 1995   Initial Interest    May 14, 1995
Date:                                  Reset Date:
                                                           
Initial Interest   To be determined    Initial Redemption  N/A
Rate:              February 14, 1995   Package:
                                                           
Initial Redemption N/A                                     
Date:
                                                           

Capitalized terms not defined above have the meanings given to such terms in
the accompanying Prospectus Supplement.