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MORGAN STANLEY ANNOUNCES ORGANIZATIONAL CHANGES REFLECTING INCREASED GLOBAL OPPORTUNITIES; MACK TO HEAD NEWLY CREATED OPERATING COMMITTEE

MORGAN STANLEY ANNOUNCES ORGANIZATIONAL CHANGES REFLECTING INCREASED

GLOBAL OPPORTUNITIES; MACK TO HEAD NEWLY CREATED OPERATING COMMITTEE
 NEW YORK, March 10 /PRNewswire/ -- Morgan Stanley Group Inc. (NYSE: MS) has established a new Operating Committee and will relocate four managing directors overseas, Chairman Richard B. Fisher and President Robert F. Greenhill announced today. The changes are designed to accelerate operational decision-making, help Morgan Stanley capitalize on opportunities that cross divisional and geographic lines, and strengthen its international businesses.
 John Mack, currently head of the Fixed Income Division, will head the Operating Committee. In his new position, Mack will be responsible for Morgan Stanley's day-to-day operations, cross-divisional coordination, and timely resolution of operating issues. He will report to Fisher and to Greenhill.
 In addition to Mack, the Operating Committee will be comprised of the heads of the firm's major divisions--Equity, Fixed Income, Investment Banking, Asset Management and Finance, Administration and Operations--and the heads of the London and Tokyo offices. The inside members of the board of directors, the principal governing body of the firm, will continue as the senior management group responsible for matters of strategy and policy.
 "The financial market environment is becoming even more challenging, as global opportunities and risks increase for our clients and the firm," said Fisher and Greenhill in a statement. "The complexity of our business will grow as we operate in more markets in more locations, as financial instruments become more complicated, and as increasing volatility requires faster response times. The Operating Committee will be a dedicated management resource to help us integrate our businesses and capitalize on these trends."
 Mack, 47, has been a member of the board of directors of Morgan Stanley Group since 1987 and has run the Fixed Income Division since 1985. He joined the firm in 1972 and became a managing director in 1979.
 Mack will be succeeded as head of the Fixed Income Division by Peter Karches, 40, who now manages the firm's business in corporate and high- yield debt, money market and preferred securities. Karches previously was responsible for the firm's mortgage-backed securities business.
 Morgan Stanley also announced the following recent and upcoming changes, which will relocate four managing directors from New York to London and Tokyo and place global management responsibility for a number of businesses outside of New York:
 -- Stephen Waters, 45, currently co-head of mergers and acquisitions will move to London to head investment banking in Europe. Waters and Steven Ward, 41, the head of fixed income in Europe, will become co- heads of the London office. Bruce Fiedorek, 40, will continue in New York as sole head of M & A.
 -- Timothy Hultquist, 41, now head of the London office, will return to New York after a four-year stint in London. He will continue to head global foreign exchange and will assume responsibility for commodities and for Morgan Stanley Services.
 -- Kenneth de Regt, 36, who now heads the U.S. government securities business, will move to London. He will maintain responsibility for the U.S. government securities business and will also run the firm's worldwide government securities business from London.
 -- Robert Metzler, 54, formerly co-head of institutional equities, has recently moved to London, where he will be responsible for all equity products in the United Kingdom and Europe. He will also be responsible for all cash, convertible, and warrant products on a global basis.
 -- Blair Richardson, 40, formerly head of corporate bond trading, will move to Tokyo, where he will be responsible for all equity products in Japan and Southeast Asia.
 -- David Roche, 44, now chief European investment strategist, will remain in London and assume responsibility for global investment strategy.
 "These management changes will further integrate our domestic and international businesses and reflect the increasing globalization of the financial markets," said Fisher and Greenhill.
 -0- 3/10/92
 /CONTACT: Jeanne Donovan Andrews of Morgan Stanley, 212-703-4058/
 (MS) CO: Morgan Stanley Group Inc. ST: New York IN: FIN SU: PER


KD -- NY062 -- 7016 03/10/92 15:59 EST
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Date:Mar 10, 1992
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