PROSPECTUS dated March 29, 1995                   Pricing Supplement No. 11
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 E

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

Principal Amount:   $10,000,000        Annual Redemption  N/A
                                       Percentage
                                       Reduction:
                                                          
Maturity Date:      August 9, 2000     Interest Payment   The 9th day of
                                       Dates:             November, February,
                                                          May and August
                                                          
Interest Rate           CD Rate        Interest Reset     The 9th day of
Basis:              ---                Dates:             November, February,
                                                          May and August
                        Commercial                        
                    --- Paper Rate
                                       Interest Payment   Quarterly
                        Federal Funds  Period:
                    --- Rate                              
                    
                     X  LIBOR          Interest Reset     Quarterly
                    ---                Period:
                        Prime Rate                        
                    ---
                                       Interest           Two London Banking
                        Treasury Rate  Determination      Days prior to the
                    ---                Dates:             Interest Reset Date
                                                          
                        Other
                    ---
                                       Settlement Date:   
                                       (Original Issue    August 9, 1995
                                        Date)
Applicability of                                          
Modified Banking    Yes
Day Convention:
                                       Ranking:           Senior
Index Maturity:     3-Month                               
                                       Calculation        Chemical Bank
                                       Agent:
Spread:             +0.42%                                
                                       Book Entry Note    Book Entry
                                       or Certified:
Spread Multiplier:  N/A                                   
                                       Reporting          Telerate (page
                                       Service:           3750)
Maximum Interest    9.50%                                 
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    August 9, 1995     Initial Interest   November 9, 1995
Date:                                  Reset Date:
                                                          
Initial Interest    To be determined   Initial            N/A
Rate:               on August 9, 1995  Redemption
                                       Percentage:
                                                          
Initial Redemption  N/A                                   
Date:
                                                          
Capitalized terms not defined above have the meanings given to such terms in
the accompanying Prospectus Supplement.