PROSPECTUS Dated May 1, 1996                      Pricing Supplement No. 24 to
PROSPECTUS SUPPLEMENT                     Registration Statement No. 333-01655
Dated May 2, 1996                          Dated July 16, 1996; Rule 424(b)(3)


                           Morgan Stanley Group Inc.
                      GLOBAL MEDIUM-TERM NOTES, SERIES E
             Senior Euro Fixed Rate Bearer Notes Due July 23, 1998

     The Global Medium-Term Notes, Series E (Senior Euro Fixed Rate Bearer
Notes Due July 23, 1998) 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.  (the "Company") 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.

     The Notes are further described under "Description of Notes - Fixed 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:             U.S.$20,000,000

MATURITY DATE:                July 23, 1998; provided that if the Maturity
                              Date falls on a day that is not a Business
                              Day, payment of the principal may be made on
                              the next succeeding Business Day, unless such
                              succeeding Business Day falls in the next
                              succeeding calendar month, in which case such
                              payment shall be made on the immediately
                              preceding Business Day.  Interest on such
                              principal payment shall accrue to and
                              including the Maturity Date, but no interest
                              shall accrue for the period from and after
                              the Maturity Date.

DATE OF ISSUANCE AND
  SETTLEMENT DATE:            July 23, 1996

INTEREST ACCRUAL DATE:        July 23, 1996

TOTAL AMOUNT OF OID:          N/A

ORIGINAL YIELD TO MATURITY:   N/A

ISSUE PRICE:                  99.9455%

REDEMPTION PRICE:             100.00%

PAYING AGENT:                 The Chase Manhattan Bank
                                (London Branch)

INITIAL REDEMPTION DATE:      N/A

INITIAL REDEMPTION
  PERCENTAGE:                 N/A

ANNUAL REDEMPTION
  PERCENTAGE REDUCTION:       N/A

INITIAL ACCRUAL PERIOD OID:   N/A

INTEREST RATE:                6.68% per annum (equivalent to a coupon of
                              U.S.$1,336,000 (or U.S.$66,800 per
                              U.S.$1,000,000 principal amount of any Note)
                              on each Interest Payment Date)

INTEREST PAYMENT DATES:       July 23, 1997 and July 23, 1998; provided
                              that if any such Interest Payment Date falls
                              on a day that is not a Business Day, such
                              interest payment shall be made on 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 shall be made on the
                              immediately preceding Business Day.

APPLICABILITY OF MODIFIED
  PAYMENT UPON ACCELERATION:  N/A

IF YES, STATE ISSUE PRICE:    N/A

OPTIONAL REPAYMENT DATE(S):   N/A

DENOMINATIONS:                U.S.$1,000,000

SPECIFIED CURRENCY:           U.S. Dollars

CALCULATION AGENT:            N/A

BUSINESS DAYS:                Paris, London, New York

ISIN:                         XS0068196301

COMMON CODE:                  6819630


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

                           Morgan Stanley & Co.
                               International