Morgan Stanley's Brazilian banking subsidiary, Banco Morgan Stanley, was recently honored as the financial conglomerate that had the biggest growth in shareholder equity in the last three years, among the small and medium size conglomerates, by Conjuntura Econômica, a publication of Getulio Vargas Foundation (FGV)'s Brazilian Institute of Economics. The results were based on 2006 results.

FGV is Brazil's premier institution for business scholarship, affiliated with several international organizations, such as the Association to Advance Collegiate School of Business and the European Foundation of Management Development.

Within the same group, the Firm ranked fourth among those with the smallest operational cost.

In determining the ranks, FGV only considered the balance sheet of the Firm’s bank in Brazil, not its brokerage house.