PROSPECTUS dated February 9, 1994            Pricing Supplement No. 37
PROSPECTUS SUPPLEMENT                        to Registration No. 33-52007
Dated February 9, 1994                       March 2, 1995
                                             Rule 424(b)(3)



                           MORGAN STANLEY GROUP INC.
                         MEDIUM - TERM NOTES, SERIES C

Floating Rate Notes Due More Than 9 Months From Date of Issue

Principal Amount:  $60,000,000         Annual Redemption   N/A
                                       Percentage:
                                                           
Maturity Date:     March 9, 1998       Interest Payment    3rd Wednesday of
                                       Dates:              March, June,
                                                           September and
                                                           December
                                                           
Interest Rate          CD Rate         Interest Reset      3rd Wednesday of
Basis:             ---                 Dates:              March, June
                                                           September and
                       Commercial                          December
                   --- Paper Rate                          
                                       Interest Payment    Quarterly
                       Federal Funds   Period:
                   --- Rate                                
                                       Interest Reset      Quarterly
                    X  LIBOR           Period:
                   ---                                     
                   
                       Federal Funds   Interest            Two London Banking
                   ---                 Determination       Days
                                       Dates:              Prior to Interest
                       Treasury Rate                       Reset Date
                   ---                                     
                   
                       Other           Settlement Date:    
                   ----                (Original Issue     March 9, 1995
                                       Date)
Applicability of                                           
Modified           Yes
Banking Day
Convention:
                                       Ranking:            Senior
Index Maturity:    3 - Month                               
                                       Calculation Agent:  Chemical Bank
Spread:            + .27%                                  
                                       Book Entry Note or  Book Entry
                                       Certified:
Spread Multiplier: N/A                                     
                                       Reporting Service:  Reuters ( LIBO
                                                           Page)
Maximum Interest   N/A                                     
Rate:
                                       Alternative Rate    N/A
                                       Event Spread:
Minimum Interest   N/A                                     
Rate:
                                       Put/Call Date:      N/A
Initial Repayment  N/A                                     
Date:
                                       Put/Call Price:     N/A
Initial Repayment                                          
Percentage         N/A                 Put/Call            N/A
Reduction:                             Modification:
                                                           
Interest Accrual   March 9, 1995       Initial Interest    June 21, 1995
Date:                                  Reset Date:
                                                           
Initial Interest   To be determined    Initial Redemption  N/A
Rate:              on March 9, 1995    Package:
                                                           
Initial Redemption N/A                                     
Date:
                                                           

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



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