Morgan Stanley's research team in Tokyo won accolades in the form of two awards from Thomson Financial's Extel Survey of the worldwide investment community.

Extel, which surveys buy-side fund managers' views of equity research and transaction capabilities, is a market leader in Europe. The company is now expanding in Asia, and in its first survey of global investors found that Morgan Stanley ranked first in the category of Leading Economics & Strategy Japan. The Firm also won third place for Leading Equity House for Japan.

Extel cited the capabilities of the Firm's Research team in Tokyo as a determining factor in both categories.

The Extel Survey polled major offshore investors in Japanese equity. Extel weighs each vote by assets under management and commission fees. This means, the bigger the fund, the greater weight given the fund manager's views in the survey.