PROSPECTUS Dated January 24, 1997                 Pricing Supplement No. 15 to
PROSPECTUS SUPPLEMENT                     Registration Statement No. 333-18005
Dated February 21, 1997                                   Dated March 11, 1997
                                                                Rule 424(b)(3)

                           Morgan Stanley Group Inc.
                      GLOBAL MEDIUM-TERM NOTES, SERIES D
           Euro Floating Rate Senior Bearer Notes Due September 2001

                                --------------
               The Global Medium-Term Notes, Series D (Euro Floating Rate
Senior Bearer Notes Due September 2001) described in this Pricing Supplement
(the "Notes") will mature on the Maturity Date.  The Notes will not be
redeemable at the option of Morgan Stanley Group Inc. prior to the Maturity
Date other than under the circumstances described under "Description of
Notes--Tax Redemption" in the accompanying Prospectus Supplement.

               The Notes will be issued only in bearer form, which form is
further described under "Description of Notes--Forms, Denominations, Exchange
and Transfer" in the accompanying Prospectus Supplement.  Notes in bearer form
will not be exchangeable at any time for Notes in registered form at the option
of the holder.

               The Global Medium-Term Notes, Series D of the Company,
including the Notes, have been listed on the London Stock Exchange Limited
(the "London Stock Exchange").

               The Notes are further described under "Description of
Notes--Floating Rate Notes" in the accompanying Prospectus Supplement, except
that to the extent the terms described below are inconsistent with such
description, the terms described below shall control.

PRINCIPAL AMOUNT:  Pound Sterling22,000,000

MATURITY DATE:  September 17, 2001; provided that if such day is not a
                Business Day, the Maturity Date will be the next succeeding
                day that is a Business Day, and no interest shall accrue
                for the period from and after the Maturity Date.

SETTLEMENT AND ISSUE DATE:  March 17, 1997

INTEREST ACCRUAL DATE:  March 17, 1997

ISSUE PRICE:  100%

SPECIFIED CURRENCY:  U.K. Sterling

REDEMPTION PERCENTAGE AT MATURITY:  100%

INITIAL REDEMPTION DATE:  N/A

INITIAL REDEMPTION PERCENTAGE:  N/A

ANNUAL REDEMPTION PERCENTAGE REDUCTION:  N/A

OPTIONAL REPAYMENT DATE(S):  N/A

TOTAL AMOUNT OF OID:  None

ORIGINAL YIELD TO MATURITY:  N/A

INITIAL ACCRUAL PERIOD OID:  N/A

BASE RATE:  LIBOR

SPREAD (PLUS OR MINUS):  Plus 0.16% per annum

SPREAD MULTIPLIER:  N/A

ALTERNATE RATE EVENT SPREAD:  N/A

INDEX CURRENCY:  U.K. Sterling

INDEX MATURITY:  3 months

MAXIMUM INTEREST RATE:  N/A

MINIMUM INTEREST RATE:  N/A

INTEREST PAYMENT DATES:  Each March 17, June 17, September 17 and December
                         17, commencing June 17, 1997 (each an "Interest
                         Payment Date"); provided that if any such day
                         (other than the Maturity Date) is not a Business
                         Day, such Interest Payment Date will be the next
                         succeeding day that is a Business Day, unless
                         such succeeding Business Day falls in the next
                         succeeding calendar month, in which case such
                         Interest Payment Date will be the immediately
                         preceding day that is a Business Day

INTEREST PAYMENT PERIOD:  Quarterly

INITIAL INTEREST RATE:  To be determined on the Issue Date.

INITIAL INTEREST RESET DATE:  June 17, 1997; provided that if such day is not
                              a Business Day, such Initial Interest Reset
                              Date will be the next succeeding day that is
                              a Business Day, unless such succeeding
                              Business Day falls in the next succeeding
                              calendar month, in which case such Initial
                              Interest Reset Date will be the immediately
                              preceding day that is a Business Day.

INTEREST RESET DATES:  Each Interest Payment Date

INTEREST RESET PERIODS:  The period from and including an Interest Reset
                         Date to but excluding the immediately succeeding
                         Interest Reset Date.

REPORTING SERVICE:  Telerate 3750

CALCULATION AGENT:  The Chase Manhattan Bank (London Branch)

PAYING AGENT:  The Chase Manhattan Bank (London Branch)

DENOMINATIONS:  Pound Sterling500,000

COMMON CODE:  7486103

ISIN:  XS0074861039

OTHER PROVISIONS:  Interest shall be calculated on an Actual/365 day basis.

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

                             MORGAN STANLEY & CO.
                                International