PROSPECTUS Dated March 29, 1995                   Pricing Supplement No. 72 to
PROSPECTUS SUPPLEMENT                      Registration Statement No. 33-57833
Dated March 29, 1995                                            April 23, 1996
                                                                Rule 424(b)(3)


                           Morgan Stanley Group Inc.
                          MEDIUM-TERM NOTES, SERIES C
                            Senior Fixed Rate Notes


     The Fixed Rate Notes, as further described below and in the Prospectus
Supplement under "Description of Notes --  Fixed Rate Notes," will bear
interest from the date of issuance until the principal amount thereof is paid
or made available for payment at the rate set forth below.

     The Fixed Rate Notes will be redeemable on May 7, 1998 in whole, but not
in part, at the option of Morgan Stanley Group Inc. upon 30 to 35 calendar
days notice.

                                                                        
Principal Amount:          $25,000,000                 Redemption
                                                         Percentage:             100%
Maturity Date:             May 7, 2001
                                                       Annual Redemption
Interest Rate:             From and including            Percentage
                           May 7, 1996 to and            Reduction:              N/A
                           excluding May 7,
                           1998: 6.45% per             Interest Payment
                           annum.                        Period:                 Semiannually

                           From and including          Specified Currency:       U.S. Dollars
                           May 7, 1998 to and
                           excluding May 7,            Issue Price:              100%
                           2001: 8.00% per
                           annum.                      Settlement Date
                                                         (Original Issue
Interest Accrual                                         Date):                  May 7, 1996
  Date:                    May 7, 1996
                                                       Book Entry Note or
Interest Payment                                         Certificated Note:      Book Entry Note
  Dates:                   The seventh day of
                           each May and                Senior Note or
                           November,                     Subordinated Note:      Senior Note
                           commencing November
                           7, 1996, or, if such        Total Amount of OID:      N/A
                           day is not a Business
                           Day, the next               Original Yield to
                           succeeding Business           Maturity:               N/A
                           Day.
                                                       Initial Accrual
Redemption Dates:          Redeemable on May 7,          Period OID:             N/A
                           1998 in whole, but not
                           in part, at the option      Trustee:                  Chemical Bank
                           of Morgan Stanley
                           Group Inc. upon 30 to
                           35 calendar days
                           notice.
Minimum
  Denomination:            $1000




United States Federal Taxation:

      United States Holders of the Notes.  The following discussion is
based on the opinion of Davis Polk & Wardwell, special tax counsel to the
Company.  This discussion supplements the "United States Federal Taxation"
section in the accompanying Prospectus Supplement.  Any limitations on
disclosure and any defined terms contained therein are equally applicable
to the summary below.  In addition, this discussion addresses only initial
holders purchasing at the issue price of the Notes and that do not hold the
Notes as part of a hedging transaction or "straddle."

      Due to the call option feature, all coupon payments under the Note
will be treated as qualified stated interest and, accordingly, the Note
will not be treated as a Discount Note.  Therefore, coupon interest on the
Note will be taxable to Holders as ordinary interest income at the time it
accrues or is received in accordance with the Holder's method of accounting
for United States income tax purposes.

      See also "United States Federal Taxation" in the accompanying
Prospectus Supplement for additional discussion of the federal income tax
consequences of ownership and disposition of the Notes.


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

                           MORGAN STANLEY & CO.
                               Incorporated