<PAGE>   1
                                Filed pursuant to Rule 424(b)(3).
                                This pricing supplement relates to
                                Registration Statement Nos. 33-51149
                                and 33-52695.


              Pricing Supplement No. 18 Dated September 6, 1996
                (To Prospectus Dated November 15, 1995 and
                Prospectus Supplement Dated November 15, 1995)


                            PAINE WEBBER GROUP INC.

                               Multiple Currency
              ---------------------------------------------------
                        Medium-Term Senior Notes, Series C
              ---------------------------------------------------
              Due from Nine Months to 30 Years from Date of Issue
                             (FIXED RATE NOTES)


<TABLE>
<S>                                     <C>
Designation:                        Medium Term Senior Notes, Series C

Original Issue Date:                September 11, 1996

Principal Amount:                   $5,000,000.00

Interest Rate Basis:                7.520%

Specified Currency in which         U.S. Dollars
Denominated:                           


Stated Maturity:                    September 11, 2001

Issue Price (As a Percentage        100%
of Principal Provision):               

Regular Record Dates:               February 15 and August 15

Redemption and Early                The Note cannot be redeemed prior to Stated
Repayment Provision:                Maturity

Note(s) Represented By:             [x] Global Note
                                    [ ] Certificated note(s)

</TABLE>


 



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