EX-21 13 dex21.htm SUBSIDIARIES OF MORGAN STANLEY SUBSIDIARIES OF MORGAN STANLEY

Exhibit 21

Morgan Stanley

 

Subsidiaries List

As on 30 November 2002

 

Entity Name

Indentations indicate ownership.

   

Jurisdiction of Incorporation
or Formation

     

Year of Incorporation or Formation

Morgan Stanley

   

Delaware

     

1981

Bayfine DE LLC

   

Delaware

     

2000

Bayview Holding Ltd.

   

Cayman Islands

     

2000

Bayfine Cayman Ltd.

   

Cayman Islands

     

2000

Bayfine DE Inc.

   

Delaware

     

2000

Bayfine UK

   

England & Wales

     

2000

Bayfine UK Products

   

England & Wales

     

2000

Cauca LLC

   

Delaware

     

2002

Dean Witter Alliance Capital Corporation

   

Delaware

     

1993

Dean Witter Capital Corporation

   

Delaware

     

1987

DW Administrators Inc.

   

Delaware

     

1989

DW Window Coverings Holding, Inc.

   

Delaware

     

1988

Dean Witter Realty Inc.

   

Delaware

     

1982

Dean Witter Global Realty Inc.

   

Delaware

     

1995

Dean Witter Holding Corporation

   

Delaware

     

1983

Civic Center Leasing Corporation

   

Delaware

     

1983

Lee Leasing Corporation

   

Delaware

     

1982

Lewiston Leasing Corporation

   

Delaware

     

1983

Sartell Leasing Corporation

   

Delaware

     

1982

Dean Witter Leasing Corporation

   

Delaware

     

1982

Dean Witter Realty Credit Corporation

   

Delaware

     

1982

Dean Witter Realty Fourth Income Properties Inc.

   

Delaware

     

1986

Dean Witter Realty Growth Properties Inc.

   

Delaware

     

1985

Dean Witter Realty Income Associates I Inc.

   

Delaware

     

1983

Dean Witter Realty Income Associates II Inc.

   

Delaware

     

1984

Dean Witter Realty Income Properties I Inc.

   

Delaware

     

1983

Dean Witter Realty Income Properties II Inc.

   

Delaware

     

1984

Dean Witter Realty Income Properties III Inc.

   

Delaware

     

1985

Dean Witter Realty Yield Plus Assignor Inc.

   

Delaware

     

1987

Dean Witter Realty Yield Plus Inc.

   

Delaware

     

1987

Dean Witter Realty Yield Plus II Inc.

   

Delaware

     

1988

DW Arboretum Plaza Inc.

   

Delaware

     

1992

DW Bennington Property Inc.

   

Delaware

     

1993

DW Chesterbrook Investors Inc.

   

Delaware

     

1992

DW Duportail Investors Inc.

   

Delaware

     

1992

DW Greycoat Inc.

   

Delaware

     

1993

Green Orchard Inc.

   

Massachusetts

     

1991

LLJV Funding Corporation

   

Massachusetts

     

1984

Realty Management Services Inc.

   

Delaware

     

1982

Dean Witter Reynolds Venture Equities Inc.

   

Delaware

     

1981

Dean Witter Venture Management Inc.

   

Delaware

     

1986

Dean Witter Venture Inc.

   

Delaware

     

1993

Demeter Management Corporation

   

Delaware

     

1977

Early Adopter Fund Manager Inc.

   

Delaware

     

1999

FV-I, Inc.

   

Delaware

     

2001

Jolter Investments Inc.

   

Delaware

     

1989

Morgan Rundle Inc.

   

Delaware

     

1978

MR Ventures Inc.

   

Delaware

     

1982

Morgan Stanley & Co. Incorporated

   

Delaware

     

1969

Graystone Wealth Management Services LLC

   

Delaware

     

1999

Graystone Wealth Management Services LP

   

Delaware

     

TBD

Morgan Stanley Flexible Agreements Inc.

   

Delaware

     

1992

MS Securities Services Inc.

   

Delaware

     

1981

Prime Dealer Services Corp.

   

Delaware

     

1994

Morgan Stanley ABS Capital I Inc.

   

Delaware

     

1997

Morgan Stanley ABS Capital II Inc.

   

Delaware

     

1997

Morgan Stanley Advisory Partnership Inc.

   

Delaware

     

1985

Morgan Stanley Amanu LLC

   

Delaware

     

2002

Makatea JV Inc.

   

Delaware

     

2002

Morgan Stanley Moorea Inc.

   

Delaware

     

2002

Morgan Pinaki Limited

   

Cayman Islands

     

2002

Morgan Stanley Raraka Limited

   

Cayman Islands

     

2002

Morgan Stanley Tepoto Limited

   

Cayman Islands

     

2002

 

  *   Minority ownership by a non-affiliate.

 

Morgan Stanley
 
Subsidiaries List
As on 30 November 2002
 
Entity Name
Indentations indicate ownership.
   
Jurisdiction of Incorporation
or Formation
     
Year of Incorporation or Formation
Morgan Stanley Asset Funding Inc.
   
Delaware
     
1997
Morgan Stanley Atlas, Inc.
   
Delaware
     
2002
Morgan Stanley Baseball, Inc.
   
Delaware
     
1989
Morgan Stanley Biscay LLC
   
Delaware
     
2002
Morgan Stanley Plymouth Limited
   
Cayman Islands
     
2002
Morgan Stanley Viking LLC
   
Delaware
     
2002
Morgan Stanley Fastnet LLC
   
Delaware
     
2002
Morgan Stanley Humber LLC
   
Delaware
     
2002
Morgan Stanley Capital Group Inc.
   
Delaware
     
1984
Morgan Stanley Energy Development Corp.
   
Delaware
     
2002
MSDW Power Development Corp.
   
Delaware
     
2000
Dutchess Electric Facility, Inc.
   
Delaware
     
2002
Naniwa Energy LLC
   
Delaware
     
2000
Northwest Electric Development Corporation
   
Delaware
     
2001
Northwest Electric Generating Corporation
   
Delaware
     
2001
South Eastern Electric Development Corporation
   
Delaware
     
1998
South Eastern Energy Corporation
   
Delaware
     
1999
South Eastern Generating Corporation
   
Delaware
     
2000
Morgan Stanley Capital International Inc. *
   
Delaware
     
1998
Morgan Stanley Capital International Australia Pty Limited
   
Australia
     
2000
Morgan Stanley Capital International Limited
   
England & Wales
     
2000
Morgan Stanley Capital International S.A.
   
Switzerland
     
1998
Morgan Stanley Capital (Jersey) Limited
   
Jersey, Channel Is.
     
1987
Morgan Stanley Capital Management, LLC
   
Delaware
     
2002
Morgan Stanley Domestic Capital, Inc.
   
Delaware
     
2001
Morgan Stanley Bank
   
Utah
     
1990
NOVUS Credit Services Inc.
   
Delaware
     
1960
Bank of New Castle
   
Delaware
     
1988
Discover Card Limited
   
Gibraltar
     
1992
Discover Financial Services, Inc.
   
Delaware
     
1985
Discover Financial Services Insurance Agency, Inc.
   
Delaware
     
2002
Discover Services Corporation
   
Delaware
     
1990
Discover Bank
   
Delaware
     
1911
GTC Insurance Agency, Inc.
   
Delaware
     
1999
MWF Insurance Agency, Inc.
   
Delaware
     
1999
MWF Insurance Agency, Inc. of Alabama
   
Alabama
     
1999
Morgan Stanley Dean Witter Credit Corporation
   
Delaware
     
1969
NOVUS Receivables Financing Inc.
   
Delaware
     
1999
Morgan Stanley Dean Witter Credit Corporation of Iowa
   
Iowa
     
1977
Morgan Stanley Dean Witter Credit Corporation of Minnesota
   
Minnesota
     
1994
Morgan Stanley Dean Witter Credit Corporation of Pennsylvania
   
Pennsylvania
     
1967
Morgan Stanley Dean Witter Credit Corporation of Tennessee
   
Tennessee
     
1975
NOVUS Financial Corporation of Washington
   
Washington
     
1991
Discover Financial Services (Canada), Inc.
   
Canada
     
1985
SCFC Receivables Corp.
   
Delaware
     
1989
Discover Receivables Financing Corporation
   
Delaware
     
1989
SPS Transaction Services, Inc.
   
Delaware
     
1991
Morgan Stanley Capital Partners III, Inc.
   
Delaware
     
1993
Morgan Stanley Capital Services Inc.
   
Delaware
     
1985
Morgan Stanley Commercial Mortgage Capital, Inc.
   
Delaware
     
1994
Morgan Stanley Commodities Management Inc.
   
Delaware
     
1992
Morgan Stanley Credit Servicing Inc.
   
Delaware
     
2001
Morgan Stanley Dean Witter Capital I Inc.
   
Delaware
     
1985
Morgan Stanley Dean Witter Commercial Financial Services, Inc.
   
Delaware
     
2000
Morgan Stanley Dean Witter Equity Funding, Inc.
   
Delaware
     
1998
Morgan Stanley Dean Witter HK RAV IV, LLC
   
Delaware
     
1999
Morgan Stanley Dean Witter International Incorporated
   
Delaware
     
1978
Dean Witter Reynolds GmbH
   
Germany
     
1974
Dean Witter Reynolds (Hong Kong) Limited
   
Hong Kong
     
1979
Dean Witter Reynolds International, Inc.
   
Panama
     
1959
Dean Witter Reynolds (Geneva) S.A.
   
Switzerland
     
1991
Riverview International Inc.
   
Delaware
     
1998
Dean Witter International Ltd.
   
England & Wales
     
1988
 
 
*
 
Minority ownership by a non-affiliate.

2

Morgan Stanley
 
Subsidiaries List
As on 30 November 2002
 
Entity Name
Indentations indicate ownership.
   
Jurisdiction of Incorporation
or Formation
     
Year of Incorporation or Formation
Dean Witter Capital Markets International Ltd. (U.K.)
   
England & Wales
     
1987
Dean Witter Futures Limited
   
England & Wales
     
1977
Dean Witter Reynolds Limited
   
England & Wales
     
1968
Dean Witter Reynolds International, S.A.
   
France
     
1979
Dean Witter Reynolds (Lausanne) S.A.
   
Switzerland
     
1973
Dean Witter Reynolds (Lugano) S.A.
   
Switzerland
     
1989
Dean Witter Reynolds S.p.A.
   
Italy
     
1978
Morgan Stanley Dean Witter Trust Company (Cayman) Ltd.
   
Cayman Islands
     
1998
Morgan Stanley Dean Witter Nominees Limited
   
Cayman Islands
     
1999
Tate Limited
   
Cayman Islands
     
1999
Morgan Stanley Dean Witter Mortgage Capital Inc.
   
New York
     
1984
Morgan Stanley Dean Witter Asset Capital Inc.
   
Delaware
     
2000
MS LIQ-I, Inc.
   
New York
     
2002
Morgan Stanley Municipal Funding Inc.
   
Delaware
     
1998
Morgan Stanley Dean Witter Principal Funding, Inc.
   
Delaware
     
1998
Morgan Stanley (Hungary) Limited (aka Morgan Stanley (Magyaroszág) Kft )
   
Hungary
     
2000
Morgan Stanley Dean Witter Wealth Management, Inc.
   
Delaware
     
1998
Morgan Stanley Derivative Products Inc.
   
Delaware
     
1994
Morgan Stanley Developing Country Debt II, Inc.
   
Delaware
     
1991
Morgan Stanley Distributors Inc.
   
Delaware
     
1992
Morgan Stanley DW Inc.
   
Delaware
     
1968
Dean Witter Reynolds Insurance Agency (Massachusetts) Inc.
   
Massachusetts
     
1975
Dean Witter Reynolds Insurance Agency (Ohio) Inc.
   
Ohio
     
1977
Dean Witter Reynolds Insurance Agency (Oklahoma) Inc.
   
Oklahoma
     
1976
Dean Witter Reynolds Insurance Agency (Texas) Inc.
   
Texas
     
1978
Dean Witter Reynolds Insurance Services (Alabama) Inc.
   
Alabama
     
1991
Dean Witter Reynolds Insurance Services (Arkansas) Inc.
   
Arkansas
     
1977
Dean Witter Reynolds Insurance Services (Illinois) Inc.
   
Illinois
     
1975
Dean Witter Reynolds Insurance Services, Inc. (Puerto Rico)
   
Puerto Rico
     
1987
Dean Witter Reynolds Insurance Services (Maine) Inc.
   
Maine
     
1995
Dean Witter Reynolds Insurance Services (Montana) Inc.
   
Montana
     
1977
Dean Witter Reynolds Insurance Services (New Hampshire) Inc.
   
New Hampshire
     
1977
Dean Witter Reynolds Insurance Services (South Dakota) Inc.
   
South Dakota
     
1977
Dean Witter Reynolds Insurance Services (Wyoming) Inc.
   
Wyoming
     
1977
Morgan Stanley Dean Witter Global Insurance Services Limited
   
Bermuda
     
2000
Morgan Stanley Dean Witter Insurance Services (Arizona) Inc.
   
Arizona
     
1974
Morgan Stanley Dean Witter Insurance Services Inc.
   
Delaware
     
1972
Dean Witter Reynolds Insurance Agency (Indiana) Inc.
   
Indiana
     
1975
FD Insurance Services, Inc.
   
Delaware
     
1997
FD Insurance Services of Nevada, Inc.
   
Nevada
     
1997
FD Insurance Services of New Mexico, Inc.
   
New Mexico
     
1997
FD Insurance Services of Texas, Inc.
   
Texas
     
1997
Morgan Stanley Emerging Markets Inc.
   
Delaware
     
1990
Always Limited
   
Cayman Islands
     
2000
MSGHYLADD
   
Ireland
     
1999
Morgan Stanley Equity Finance Limited
   
England & Wales
     
1997
Morgan Stanley Equity Investors Inc.
   
Delaware
     
1988
Morgan Stanley Finance (Jersey) Limited
   
Jersey, Channel Is.
     
1990
Morgan Stanley Funding, Inc.
   
Delaware
     
1997
Morgan Stanley Funding Services Corporation
   
Delaware
     
2001
Morgan Stanley Futures and Currency Management Inc.
   
Delaware
     
1987
Morgan Stanley Global Emerging Markets, Inc.
   
Delaware
     
1996
Morgan Stanley International Incorporated
   
Delaware
     
1963
Morgan Stanley AB
   
Sweden
     
1999
Morgan Stanley Asia Holdings I Inc.
   
Delaware
     
1990
Morgan Stanley Asia Holdings II Inc.
   
Delaware
     
1990
Morgan Stanley Asia Holdings III Inc.
   
Delaware
     
1990
Morgan Stanley Asia Holdings IV Inc.
   
Delaware
     
1990
Morgan Stanley Asia Holdings V Inc.
   
Delaware
     
1990
Morgan Stanley Asia Holdings VI Inc.
   
Delaware
     
1990
Morgan Stanley Asia Pacific (Holdings) Limited
   
Cayman Islands
     
1995
Morgan Stanley Asia Regional (Holdings) III LLC
   
Cayman Islands
     
1995
Morgan Stanley Dean Witter (Singapore) Holdings Pte Ltd
   
Singapore
     
1999
 
 
*
 
Minority ownership by a non-affiliate.
 

3

Morgan Stanley

 

Subsidiaries List

As on 30 November 2002

 

Entity Name

Indentations indicate ownership. 

   

Jurisdiction of Incorporation or Formation

     

Year of Incorporation or Formation

Morgan Stanley Asia (Singapore) Securities Pte Ltd

   

Singapore

     

2000

Morgan Stanley Dean Witter Asia (Singapore) Pte

   

Singapore

     

1992

Morgan Stanley Dean Witter Capital Group (Singapore) Pte

   

Singapore

     

1990

Morgan Stanley Dean Witter Futures (Singapore) Pte

   

Singapore

     

1992

Morgan Stanley Dean Witter Private Equity (Asia) Pte Ltd

   

Singapore

     

1999

Morgan Stanley Investment Management Company

   

Singapore

     

1990

Morgan Stanley Dean Witter (Hong Kong) Holdings

   

Hong Kong

     

1998

Morgan Stanley Asia International Limited

   

Cayman Islands

     

1995

MSDW Asia Securities Products LLC

   

Cayman Islands

     

1995

Morgan Stanley Dean Witter Asia Limited

   

Hong Kong

     

1984

Morgan Stanley Dean Witter Futures (Hong Kong) Limited

   

Hong Kong

     

1988

Morgan Stanley Dean Witter Hong Kong Securities Limited

   

Hong Kong

     

1988

Morgan Stanley Dean Witter Pacific Limited

   

Hong Kong

     

1987

Morgan Stanley Services Limited

   

Australia

     

2002

MSDW-JL Holdings I Limited

   

Cayman Islands

     

1998

Morgan Stanley Canmore Limited

   

Cayman Islands

     

2001

Morgan Stanley Caledonia Limited

   

Cayman Islands

     

2001

Swilken Limited

   

Cayman Islands

     

2001

Morgan Stanley Japan (Holdings) Ltd.

   

Cayman Islands

     

1984

City Forum Capital Limited

   

Cayman Islands

     

2001

Morgan Stanley Dean Witter Japan Group, Ltd.

   

Cayman Islands

     

2000

Morgan Stanley Nippon Securities Limited

   

Cayman Islands

     

2000

Morgan Stanley Japan Limited

   

Hong Kong

     

1993

MSDW-JL Holdings II Limited

   

Cayman Islands

     

2000

Morgan Stanley Japan Limited

   

Cayman Islands

     

1999

MS Capital Cayman Ltd.

   

Cayman Islands

     

1997

MS Remora Ltd.

   

Cayman Islands

     

2002

MSDW Birkdale Limited

   

Cayman Islands

     

2000

MSDW Portrush Limited

   

Cayman Islands

     

2000

MSDW (Holdings) III Limited

   

Cayman Islands

     

2001

Morgan Stanley Credit Services Japan Limited

   

Cayman Islands

     

2001

MSDW Muirfield Limited

   

Cayman Islands

     

2000

MSDW Lytham Limited

   

Cayman Islands

     

2000

Morgan Stanley Asset & Investment Trust Management Co., Limited

   

Japan

     

1987

Morgan Stanley Asset Management S.A.

   

Luxembourg

     

1988

Morgan Stanley (Australia) Holdings Pty

   

Australia

     

2002

Morgan Stanley B.V.

   

The Netherlands

     

2001

Morgan Stanley Canada Limited

   

Canada

     

1982

Morgan Stanley Capital (Luxembourg) S.A.

   

Luxembourg

     

1993

Morgan Stanley Capital SA

   

France

     

1989

Morgan Stanley Dean Witter Asia (China) Limited

   

Hong Kong

     

1991

Morgan Stanley Dean Witter Asia (Taiwan) Ltd.

   

Rep. of China

     

1990

Morgan Stanley Dean Witter Australia Finance Limited

   

Australia

     

1999

Morgan Stanley Dean Witter Australia Limited

   

Australia

     

1989

Morgan Stanley Dean Witter Australia Securities Limited

   

Australia

     

1997

Morgan Stanley Dean Witter Australia Securities (Nominee) Pty Limited

   

Australia

     

1999

SerCo Solutions Pty Limited

   

Australia

     

2001

MSDW Finance (Netherlands) BV

   

The Netherlands

     

2000

Morgan Stanley Dean Witter Hong Kong Nominees Limited

   

Hong Kong

     

1988

Morgan Stanley Dean Witter Mauritius Company Limited

   

Mauritius

     

1993

Morgan Stanley Asia Regional (Holdings) II LLC

   

Cayman Islands

     

1995

Morgan Stanley India Securities Private Limited *

   

India

     

1995

JM Morgan Stanley Securities Private Limited *

   

India

     

1998

Morgan Stanley Investment Management Private Limited *

   

India

     

1993

Morgan Stanley Dean Witter Sociedade Gestora de Participaçoes Sociais, Lda

   

Portugal

     

2000

Morgan Stanley—Portugal—Sociedade Gestora de Fundos de Investimento Mobiliário, S.A.

   

Portugal

     

2001

Morgan Stanley Dean Witter (Thailand) Limited

   

Thailand

     

1997

Morgan Stanley (España), S.A.

   

Spain

     

1998

Morgan Stanley Bank AG

   

Germany

     

1986

Morgan Stanley International Insurance Ltd.

   

Bermuda

     

1995

Morgan Stanley International Limited

   

England & Wales

     

1998

Morgan Stanley Dean Witter Financial Holdings, LLC

   

Delaware

     

1999

Morgan Stanley Dean Witter Hong Kong Finance Limited

   

Hong Kong

     

1999

 

  *   Minority ownership by a non-affiliate

 

4

Morgan Stanley

 

Subsidiaries List

As on 30 November 2002

 

Entity Name

Indentations indicate ownership.

   

Jurisdiction of Incorporation or Formation

     

Year of Incorporation or Formation

Morgan Stanley Dean Witter UK Capital Limited

   

England & Wales

     

1999

Carysforth Investments Limited

   

Cayman Islands

     

2001

Morgan Stanley Funding Limited

   

Jersey, Channel Is.

     

1997

Morgan Stanley Funding II Limited

   

Jersey, Channel Is.

     

1999

Morgan Stanley Group (Europe)

   

England & Wales

     

1988

Delta AB 1 General Partner Limited

   

England & Wales

     

1996

Morgan Stanley JY Holdings Limited

   

England & Wales

     

2000

Morgan Stanley JY Limited

   

England & Wales

     

2001

Morgan Stanley Capital Group Limited

   

England & Wales

     

1993

Morgan Stanley Dean Witter Bank Limited

   

England & Wales

     

1999

Morgan Stanley Dean Witter Card Services Limited

   

England & Wales

     

1999

Morgan Stanley Dean Witter Trustee Limited

   

England & Wales

     

1999

Morgan Stanley (Europe) Limited

   

England & Wales

     

1993

Morgan Stanley Finance plc

   

England & Wales

     

1993

Morgan Stanley Caballa Limited

   

England & Wales

     

2001

Morgan Stanley Gastoro Limited

   

England & Wales

     

2001

Morgan Stanley Pintado Investments Limited

   

England & Wales

     

2001

Woburn IV Cooperatieve UA

   

The Netherlands

     

2002

Woburn V Cooperatieve UA

   

The Netherlands

     

2002

MSDW Corporate Holdings Limited

   

England & Wales

     

2000

MSDW Corporate Investments I Limited

   

Jersey, Channel Is.

     

1999

MSDW Corporate Investments II Limited

   

Jersey, Channel Is.

     

1999

Sunningdale Cooperatieve UA

  

The Netherlands

     

1999

Woburn Cooperatieve UA

   

The Netherlands

     

1999

Wentworth Cooperatieve U.A.

   

The Netherlands

     

2000

Morgan Stanley Investment Management Limited

   

England & Wales

     

1986

Morgan Stanley Property Management (UK) Limited

   

England & Wales

     

1987

Morgan Stanley Services (UK) Limited

   

England & Wales

     

1993

Morgan Stanley (Structured Products) Jersey Limited

   

Jersey, Channel Is.

     

1994

Morgan Stanley UK Group

   

England & Wales

     

1976

Morgan Stanley & Co. International Limited

   

England & Wales

     

1986

Morgan Stanley Dean Witter Strategic Investments Limited

   

England & Wales

     

2000

Morgan Stanley (France) SAS

   

France

     

1998

Morgan Stanley International Nominees Limited

   

England & Wales

     

1994

Morgan Stanley Mandarin Limited

   

England & Wales

     

2001

Morgan Stanley Harlequin Investments Limited

   

England & Wales

     

2001

Morgan Stanley Pintail Investments Limited

   

England & Wales

     

2001

Orangewood Cooperatieve U.A.

   

The Netherlands

     

2001

Saenredam Cooperatieve UA

   

The Netherlands

     

2001

Morgan Stanley Silvermere Limited

   

England & Wales

     

2001

Morgan Stanley Northcote Investments Limited

   

England & Wales

     

2001

Morgan Stanley Norton Investments Limited

   

England & Wales

     

2001

Bermont Co-operatieve U.A.

   

The Netherlands

     

2001

Shavano Cooperatieve UA

   

The Netherlands

     

2002

MSDW Turnberry Ltd.

   

England & Wales

     

2000

MSDW Jubilee Investments Ltd.

   

England & Wales

     

2000

Augusta Cooperatieve UA

   

The Netherlands

     

2000

MSDW Eden Investments Ltd.

   

England & Wales

     

2000

MSDW Mallard Investments Limited

   

England & Wales

     

2000

Haddington Investments Limited *

   

Cayman Islands

     

2000

MSDW Montgomerie Limited

   

England & Wales

     

2000

Woburn III Cooperatieve UA

   

The Netherlands

     

2001

MSDW Raleigh Investments Limited

   

England & Wales

     

2000

Drake Investments Limited

   

Cayman Islands

     

2001

Livingstone Investments Limited

   

Jersey, Channel Is.

     

2001

MSDW Lyle Investments Limited

   

England & Wales

     

2000

Morgan Stanley Wertpapiere GmbH

   

Germany

     

1989

Morgan Stanley & Co. Limited

   

England & Wales

     

1986

Morgan Stanley Securities Limited

   

England & Wales

     

1986

Morstan Nominees Limited

   

England & Wales

     

1986

MSDW Equity (UK) Plc

   

England & Wales

     

1998

Morgan Stanley UK Limited

   

England & Wales

     

2000

Quilter Holdings Limited

   

England & Wales

     

1995

 

  *   Minority ownership by a non-affiliate.

 

5

Morgan Stanley

 

Subsidiaries List

As on 30 November 2002

 

Entity Name

Indentations indicate ownership.

   

Jurisdiction of Incorporation or Formation

     

Year of Incorporation or Formation

Foster & Brathwaite Limited

   

England & Wales

     

1987

Quilter & Co. Limited

   

England & Wales

     

1985

CIPM Nominees Limited

   

Jersey, Channel Is.

     

1988

Coastal Nominees Limited

   

England & Wales

     

1957

Coastal Nominees (International) Limited

   

England & Wales

     

1985

Commercial Trust Co. Limited

   

Jersey, Channel Is

     

1994

MS Quilter Limited

   

England & Wales

     

1989

Hawkshead Trust Nominees Limited

   

England & Wales

     

1929

Marcel Nominees Limited

   

England & Wales

     

1986

Morgan Stanley Quilter Nominees Limited

   

England & Wales

     

1937

QGCI Nominees Limited

   

Jersey, Channel Is.

     

1989

QGCI Offshore Special Selection Nominee Company Limited

   

Jersey, Channel Is.

     

1988

Quilpep Nominees Limited

   

England & Wales

     

1986

Quilter Fund Management Limited

   

England & Wales

     

1988

Quilter Investments Limited

   

England & Wales

     

1999

Quilter International Management (IoM) Limited

   

Isle of Man

     

1994

Quilter International Management Limited

   

Guernsey, Channel Is.

     

1984

MSDW Fixed Income Limited

   

Jersey, Channel Is.

     

1999

Narib Limited

   

Jersey, Channel Is.

     

1999

Willow Capital Limited

   

Jersey, Channel Is.

     

1999

MS Leasing UK Limited

   

England & Wales

     

1991

Morgan Stanley Finance (C.I.) Limited

   

Jersey, Channel Islands

     

2001

Morgan Stanley (Israel) Ltd.

   

Israel

     

2001

Morgan Stanley (Jersey) II Limited

   

Jersey, Channel Is.

     

2001

Morgan Stanley Latin America Incorporated

   

Delaware

     

1994

Morgan Stanley Dean Witter Administadora de Carteiras S.A.

   

Brazil

     

1996

Morgan Stanley Dean Witter do Brasil Ltda.

   

Brazil

     

1995

Banco Morgan Stanley Dean Witter S.A.

   

Brazil

     

1998

Morgan Stanley Financial Products Ltd.

   

Cayman Islands

     

1997

Morgan Stanley Dean Witter Corretora de Títulos e Valores Mobiliários S.A.

   

Brazil

     

2001

Morgan Stanley Uruguay Ltda.

   

Uruguay

     

2001

MSLA Advisors Incorporated

   

Delaware

     

1995

Morgan Stanley Middle East Inc.

   

Delaware

     

1997

Morgan Stanley Mortgage Servicing Ltd.

   

England & Wales

     

1997

Morgan Stanley Offshore Investment Company Ltd.

   

Cayman Islands

     

1987

Morgan Stanley SGR (Società di Gestione del Risparmio) SpA

   

Italy

     

2001

Morgan Stanley South Africa (Pty) Limited

   

South Africa

     

1994

Morgan Stanley SPV II (Cayman Islands) LLC

   

Cayman Islands

     

1996

Morgan Stanley, S.V., S.A.

   

Spain

     

1999

AB Asesores Bursátiles Cordoba, S.A. *

   

Spain

     

1992

AB Asesores Ceuta, S.L. *

   

Spain

     

1998

AB Asesores CFMB Almería, S.A.

   

Spain

     

1998

Morgan Stanley Consulting, S.A.

   

Spain

     

2000

Morgan Stanley Gestión Pensiones EGFP, S.A.

   

Spain

     

1992

Morgan Stanley Gestión SGIIC, S.A.

   

Spain

     

1987

Morgan Stanley Swiss Holdings GmbH

   

Switzerland

     

2001

Bank Morgan Stanley AG

   

Switzerland

     

1973

Fosbury Investments Cooperatieve U.A.

   

The Netherlands

     

1998

Morgan Stanley Trading Beteiligungs-GmbH

   

Germany

     

1993

Morgan Stanley Trading GmbH & Co. KG

   

Germany

     

1994

Morgan Stanley Equities GmbH

   

Germany

     

2001

MSAM/Kokusai (Cayman Islands), Inc.

   

Cayman Islands

     

1996

MSAM/Kokusai II (Cayman Islands), Inc.

   

Cayman Islands

     

1997

MSDW Equity Financing Services (Luxembourg) S.à.r.l.

   

Luxembourg

     

2001

MSDW Investment Holdings Limited

   

Cayman Islands

     

1999

Cabot 2 Limited

   

England & Wales

     

1978

MS Cabot Inc.

   

Delaware

     

1995

MSDW Investment Holdings (US) Inc.

   

Delaware

     

1999

MSDW Investment Holdings (UK) Ltd.

   

England & Wales

     

1999

Cabot 1 Limited

   

England & Wales

     

1983

Applied Risc Technologies Limited

   

England & Wales

     

1995

MS Italy (Holdings) Inc.

   

Delaware

     

1990

MS LDC, Ltd.

   

Delaware

     

1991

 

  *   Minority ownership by a non-affiliate.

 

6

Morgan Stanley

 

Subsidiaries List

As on 30 November 2002

 

Entity Name

Indentations indicate ownership.

   

Jurisdiction of
Incorporation or
Formation

     

Year of Incorporation or Formation

MSDW Capital Investments Inc.

   

Delaware

     

1999

MSL Incorporated

   

Delaware

     

1976

Morgan Stanley SPV I (Cayman Islands) LLC

   

Cayman Islands

     

1996

Farlington Company

   

Ireland

     

1996

ITALSEC S.r.l.

   

Italy

     

1996

Providence DE LLC

   

Delaware

     

2000

Providence Canada Co.

   

Canada

     

2000

Providence Cayman Investments Limited *

   

Cayman Islands

     

2000

Providence DE Investments Co.

   

Delaware

     

2000

Morgan Stanley Investment Advisors Inc.

   

Delaware

     

1992

Morgan Stanley Services Company Inc.

   

Delaware

     

1994

Morgan Stanley Investment Group Inc.

   

Delaware

     

1999

Morgan Stanley Investment Management Inc.

   

Delaware

     

1980

Morgan Stanley Investment Management Holdings Inc.

   

Delaware

     

1995

Morgan Stanley Investments LP

   

Pennsylvania

     

1971

MAS Capital Management Partners, LP

   

Delaware

     

2000

Morgan Stanley AIP Funding Inc.

   

Delaware

     

2000

Morgan Stanley Alternative Investments Inc.

   

Delaware

     

2000

Morgan Stanley AIP GP LP

   

Delaware

     

2000

Morgan Stanley Alternative Investment Partners LP

   

Delaware

     

2000

Morgan Stanley AIP (Cayman) GP Inc.

   

Cayman Islands

     

2002

Morgan Stanley Comprehensive Alternatives Fund I LP

   

Delaware

     

2000

Morgan Stanley Distribution, Inc.

   

Pennsylvania

     

1992

Morgan Stanley Global Franchise Inc.

   

Delaware

     

1997

Morgan Stanley (Jersey) Limited

   

Jersey, Channel Is.

     

1986

Morgan Stanley LEF I, Inc.

   

Delaware

     

1989

Morgan Stanley Leveraged Capital Fund Inc.

   

Delaware

     

1985

Morgan Stanley Leveraged Equity Fund II, Inc.

   

Delaware

     

1987

Morgan Stanley Dean Witter Private Equity Asia Limited

   

Hong Kong

     

1992

Morgan Stanley Leveraged Equity Holdings Inc.

   

Delaware

     

1987

Morgan Stanley Market Products Inc.

   

Delaware

     

1987

Morgan Stanley Municipal Management, Inc.

   

Delaware

     

2001

Morgan Stanley Overseas Finance Ltd.

   

Cayman Islands

     

1997

Morgan Stanley Overseas Services (Jersey) Limited

   

Jersey, Channel Is.

     

1986

Morgan Stanley Products Limited

   

Cayman Islands

     

2001

Morgan Stanley Real Estate Investment Management Inc.

   

Delaware

     

1990

Morgan Stanley Real Estate Fund, Inc.

   

Delaware

     

1989

MSREF I, L.L.C.

   

Delaware

     

1995

MSREF I-CO, L.L.C.

   

Delaware

     

1995

Morgan Stanley Real Estate Investment Management II, Inc.

   

Delaware

     

1994

MSREF II-CO, L.L.C.

   

Delaware

     

1995

Morgan Stanley Realty Incorporated

   

Delaware

     

1969

BH-MS Realty Inc.

   

Delaware

     

1983

BH-MS Leasing Inc.

   

Delaware

     

1983

BH-Sartell Inc.

   

Delaware

     

1983

Brooks Harvey & Co., Inc.

   

Delaware

     

1971

Japan Realty Finance Company

   

Cayman Islands

     

1998

Japan Realty Finance Company II

   

Cayman Islands

     

2001

Morgan Stanley Properties, Inc.

   

Delaware

     

1998

Morgan Stanley Properties Germany GmbH

   

Germany

     

1999

Kearny Real Estate Company

   

Delaware

     

1998

Morgan Stanley Properties Corso Venezia S.r.l.

   

Italy

     

1999

Morgan Stanley Properties France SAS

   

France

     

2000

Morgan Stanley Properties Korea Limited

   

Korea

     

2000

MSK Management II, Ltd. *

   

Korea

     

2001

MSP China Holdings Limited

   

Cayman Islands

     

2002

MS/KTH Advisory Corp. Limited

   

Cayman Islands

     

2002

Morgan Stanley Properties Japan, K.K.

   

Japan

     

1998

Lombard Servicing Inc.

   

Japan

     

1999

Morgan Stanley Realty of California Inc.

   

California

     

1970

Morgan Stanley Realty of Illinois Inc.

   

Delaware

     

1989

Morgan Stanley Realty Japan Ltd.

   

Japan

     

1998

MSDW Canary Wharf, L.L.C.

   

Delaware

     

1999

 

  *   Minority ownership by a non-affiliate.

 

 

7

Morgan Stanley

 

Subsidiaries List

As on 30 November 2002

 

Entity Name

Indentations indicate ownership.

   

Jurisdiction of Incorporation or Formation

     

Year of Incorporation or Formation

Tokyo Realty Investment Company

   

Cayman Islands

     

1998

Tokyo Realty Investment Company II

   

Cayman Islands

     

2001

Morgan Stanley Securities, Inc.

   

Delaware

     

1985

MS Equity Products (Luxembourg) S.à.r.l

   

Luxembourg

     

2001

Morgan Stanley Securitization Funding Inc.

   

Delaware

     

1998

Morgan Stanley Senior Funding, Inc.

   

Delaware

     

1996

Morgan Stanley Services Inc.

   

Delaware

     

1988

Morgan Stanley Structured Products (Cayman) I Limited

   

Cayman Islands

     

1997

Morgan Stanley Structured Products (Cayman) II Limited

   

Cayman Islands

     

1997

Morgan Stanley Technical Services Inc.

   

Delaware

     

1989

Morgan Stanley Technical Services MB/VC Inc.

   

Delaware

     

1993

Morgan Stanley Tower, LLC

   

Delaware

     

2002

MS Financing Inc.

   

Delaware

     

1986

Ansett Worldwide Aviation Holdings

   

Delaware

     

1999

Alltransair Nevada, Inc.

   

Nevada

     

1986

Alltrans Nevada, Inc.

   

Nevada

     

1991

Ancon Inc.

   

Nevada

     

1991

Anfal Inc.

   

Nevada

     

1991

Angar Nevada

   

Nevada

     

1994

Ansett Worldwide Aviation, U.S.A.

   

Nevada

     

1986

Ansett Worldwide Aviation Ireland Limited

   

Ireland

     

1996

Ansett Worldwide Aviation UK Limited

   

England & Wales

     

1994

Ansett Worldwide Aviation Limited

   

Hong Kong

     

1987

Fiban Limited

   

Hong Kong

     

1991

Anzam Limited

   

Hong Kong

     

1991

Ansett Worldwide Aviation Sales Limited

   

Hong Kong

     

1989

Ansett Worldwide Aviation Netherlands B.V.

   

The Netherlands

     

1992

Ansett Worldwide Aviation Services, Inc.

   

New York

     

2000

Ansett Worldwide Aviation Services Pty Limited

   

Australia

     

1993

Ansett Worldwide (Operations) Pty Limited

   

Australia

     

2000

Ansett Worldwide (UK) Limited

   

England & Wales

     

2001

AWMS (Delaware) Inc.

   

Delaware

     

2000

AWMS (Sweden) AB

   

Sweden

     

2000

AWMS (UK) Limited

   

England & Wales

     

2000

AWMS (Celtic) Limited

   

Ireland

     

2000

Cabot Aircraft Services Limited

   

Ireland

     

1997

Eplane Research Limited

   

Ireland

     

2000

Calapooia Air Limited

   

Hong Kong

     

1987

Deschutes Air, Inc.

   

Nevada

     

1992

Nordstress Limited

   

Hong Kong

     

1982

Nordstress (Singapore) Pte Limited

   

Singapore

     

1992

Siletz Air Limited

   

Hong Kong

     

1987

Ansett Finance (Europe) B.V.

   

The Netherlands

     

1967

Ansett Worldwide Aviation Equipment

   

Hong Kong

     

1990

Siuslaw Air, Inc.

   

Nevada

     

1990

Corso Marconi Immobiliare LLC

   

Delaware

     

1999

Corso Marconi Immobiliare 2 Limited Liability Company

   

Delaware

     

1999

G.H.Y. Capital II B.V.

   

The Netherlands

     

1999

Morgan Stanley 750 Building Corp.

   

Delaware

     

1994

G.H.Y. Capital B.V.

   

The Netherlands

     

1998

Hybrid Capital Y.K.

   

Japan

     

2000

MSDW LTCP, L.L.C.

   

Delaware

     

1998

MSDW 745, LLC

   

Delaware

     

1998

MS Harrison LLC

   

Delaware

     

2002

MS Tokyo Properties Ltd.

   

Japan

     

1989

Morgan Stanley Trust

   

Federal Charter

     

1996

Morgan Stanley Venture Capital Inc.

   

Delaware

     

1984

Morgan Stanley Venture Capital II, Inc.

   

Delaware

     

1992

Morgan Stanley Venture Capital III, Inc.

   

Delaware

     

1996

Morgan Stanley Ventures Inc.

   

Delaware

     

1984

Morstan Development Company, Inc.

   

Delaware

     

1971

Moranta, Inc.

   

Georgia

     

1979

Porstan Development Company, Inc.

   

Oregon

     

1982

 

  *   Minority ownership by a non-affiliate.

 

8

Morgan Stanley
 
Subsidiaries List
As on 30 November 2002
 
Entity Name
Indentations indicate ownership.
   
Jurisdiction of Incorporation or Formation
     
Year of Incorporation or Formation
MSAM Holdings II, Inc.
   
Delaware
     
1996
Van Kampen Investments Inc.
   
Delaware
     
1992
Van Kampen Advisors Inc.
   
Delaware
     
1974
Van Kampen Asset Management Inc.
   
Delaware
     
1936
Van Kampen Funds Inc.
   
Delaware
     
1974
Van Kampen Exchange Corp.
   
California
     
1975
Van Kampen Investment Advisory Corp.
   
Delaware
     
1982
Van Kampen Investor Services Inc.
   
Delaware
     
1987
MSBF Inc.
   
Delaware
     
1995
MS Capital Holdings Inc.
   
Delaware
     
1997
Morgan Stanley Capital (Delaware) L.L.C.
   
Delaware
     
1997
MSEOF, Inc.
   
Delaware
     
2002
MSEOF Management LLC
   
Delaware
     
2002
MSEOF Manager SARL
   
Luxembourg
     
2002
MS Kasko LLC
   
Delaware
     
2002
Morgan Stanley Kristinestad Limited
   
Cayman Islands
     
2002
MS Rauma Inc.
   
Delaware
     
2002
North European Credit Inc.
   
Delaware
     
2002
North European Funding LLC *
   
Delaware
     
2002
MSCP III Holdings, Inc.
   
Delaware
     
1994
Morgan Stanley Proprietary Trading Co. (Cayman) Limited
   
Cayman Islands
     
2001
MSDW Carnoustie LLC
   
Delaware
     
2000
MSDW Gleneagles Limited
   
Cayman Islands
     
2000
MSDW Capital Partners IV, Inc.
   
Delaware
     
1998
MSDW Capital Trust I
   
Delaware
     
1998
MSDW Credit Products Inc.
   
Delaware
     
2001
Morgan Stanley Credit Products Ltd.
   
Cayman Islands
     
1998
MSDW CPIV Holdings, Inc.
   
Delaware
     
1998
MSDW EFS Holdings Inc.
   
Delaware
     
2000
MSDW Emerging Equity, Inc.
   
Delaware
     
2000
MSDW Fixed Income Ventures Inc.
   
Delaware
     
2000
Morgan Stanley BrokerTec Holdings Inc.
   
Delaware
     
2001
MSDW BondBook Ventures Inc.
   
Delaware
     
2000
MSDW International Employee Services LLC
   
Delaware
     
1998
MSDW Markets Inc.
   
Delaware
     
2000
MSDW Nederland B.V.
   
The Netherlands
     
2000
MSDW Oak, LLC
   
Delaware
     
2000
MSDW Birch (Cayman) Limited
   
Cayman Islands
     
2000
Maple JV, LLC
   
Delaware
     
2000
Sycamore II, Inc.
   
Delaware
     
2001
Elder, LLC
   
Delaware
     
2001
Maple Finance, Inc.
   
Delaware
     
2000
MSDW Offshore Equity Services Inc.
   
Delaware
     
1998
Morgan Stanley Hedging Co. Ltd.
   
Cayman Islands
     
2002
MSDW Equity Finance Services I (Cayman) Ltd.
   
Cayman Islands
     
1998
MSDW Equity Investments Limited
   
Cayman Islands
     
1999
MSDW Offshore Equity Services (Korea) Inc.
   
Delaware
     
1999
MSDW OIP Investors, Inc.
   
Delaware
     
2000
MSDW PE/VC Holdings, Inc.
   
Delaware
     
2000
MSDW-Pioneer GP, Inc.
   
Delaware
     
2000
MSDW-Pioneer LP , Inc
   
Delaware
     
2000
MSDW Private Equity, Inc.
   
Delaware
     
2000
MSDW Real Estate Special Situations II, Inc.
   
Delaware
     
1999
MSDW Real Estate Special Situations II-A Dutch Manager, B.V.
   
The Netherlands
     
2000
MSDW Real Estate Special Situations II-B Dutch Manager, B.V.
   
The Netherlands
     
2000
MSDW Real Estate Special Situations II-C Dutch Manager, B.V.
   
The Netherlands
     
2000
MSDW Strategic Ventures Inc.
   
Delaware
     
2000
MS Structured Asset Corp.
   
Delaware
     
1998
MS Synfuels II, Inc.
   
Delaware
     
1998
MSDW Synfuels III, Inc.
   
Delaware
     
1998
MSDW Venture Partners IV, Inc.
   
Delaware
     
1999
MSDW VP IV Holdings, Inc.
   
Delaware
     
1999
MSGEM Holdings, Inc.
   
Delaware
     
2000
 
 
*
 
Minority ownership by a non-affiliate.
 

9

Morgan Stanley
 
Subsidiaries List
As on 30 November 2002
 
Entity Name
Indentations indicate ownership.
   
Jurisdiction of Incorporation or Formation
     
Year of Incorporation or Formation
MS Holdings Incorporated
   
Delaware
     
1995
MSIT Holdings, Inc.
   
Delaware
     
1996
SL Partners MD Side Fund, LLC
   
Delaware
     
1999
MS 10020, Inc.
   
Delaware
     
1994
MS 10036, Inc.
   
Delaware
     
1996
MS Lion LLC
   
Delaware
     
2002
Oncilla LLC*
   
Delaware
     
2002
MS Leopard Inc.
   
Delaware
     
2002
Puma JV LLC
   
Delaware
     
2022
Jaguarundi Inc.
   
Delaware
     
2002
MS Lynx Ltd.
   
Cayman Islands
     
2002
MS Tiger Ltd.
   
Cayman Islands
     
2002
MS Real Estate Mezzanine Advisor, Inc.
   
Delaware
     
2002
MS Real Estate Special Situations Inc.
   
Delaware
     
1997
MS Real Estate Special Situations GP Inc.
   
Delaware
     
1997
MSREF II, Inc.
   
Delaware
     
1994
MSREF II, L.L.C.
   
Delaware
     
1995
MSREF III, Inc.
   
Delaware
     
1997
MSREF IV, Inc.
   
Delaware
     
2000
MSREF IV Funding, Inc.
   
Delaware
     
2000
MSREF IV Funding Partner, Inc.
   
Delaware
     
2000
MS Revel EFS LLC
   
Delaware
     
2000
D&A Limited
   
Cayman Islands
     
2001
D&E Limited
   
Cayman Islands
     
2001
D&S Limited
   
Cayman Islands
     
2001
D&Y Limited
   
Cayman Islands
     
2001
D&Z Limited
   
Cayman Islands
     
2002
MS Synfuels, Inc.
   
Delaware
     
1998
MS Technology Holdings, Inc.
   
Delaware
     
1997
MSUH Holdings I, Inc.
   
Delaware
     
1996
MSUH Holdings II, Inc.
   
Delaware
     
1996
MS SP Urban Horizons, Inc.
   
Delaware
     
1996
MS Urban Horizons, Inc.
   
Delaware
     
1994
MS Venture Capital (Japan) Inc.
   
Delaware
     
1989
MSVP 2002 Holdings, Inc.
   
Delaware
     
2001
MSVP 2002, Inc.
   
Delaware
     
2001
MSVP 2001 Fund Inc.
   
Delaware
     
2001
One Water Corporation
   
Massachusetts
     
1985
Open Road Airways, Inc.
   
Delaware
     
1998
Pettingell LLC
   
Delaware
     
2002
PG Holdings, Inc.
   
Delaware
     
1991
PG Holdings III, Inc.
   
Delaware
     
2000
PG Investors, Inc.
   
Delaware
     
1991
PG Investors II, Inc.
   
Delaware
     
1996
PG Investors III, Inc.
   
Delaware
     
2000
Pierpont Power, Inc.
   
New York
     
1987
Providence DE Funding Co.
   
Delaware
     
2000
Providence DE Investments LLC
   
Delaware
     
2001
Providence DE Holdings Co.
   
Delaware
     
2000
Providence Cayman Holdings Limited
   
Cayman Islands
     
2000
Reynolds Securities Inc.
   
Delaware
     
1978
Romley Computer Leasing Inc.
   
Delaware
     
1985
Strategic Investments I, Inc.
   
Delaware
     
1996
MSDW Equity Investments II Limited
   
Cayman Islands
     
2000
NRG360 Limited
   
England & Wales
     
2000
Tempo-GP, Inc.
   
Delaware
     
1986
Tempo-LP, Inc.
   
Delaware
     
1986
Zephyr (Cayman) Limited
   
Cayman Islands
     
1999
 
 
*
 
Minority ownership by a non-affiliate.
 

10