Institutional Investor's December 1997 Global Investor Survey #1 Global Research Effort on the Street

#1 Global Research Effort on the Street Morgan Stanley was recently recognized for its global "focus and discipline" when cited as the top global research effort on the street by Institutional Investor in its December 1997 issue. The article, entitled "The Complex World of Global Research," presented Institutional Investor's first survey by global investors. The selected universe of asset management firms, from the U.S., UK, and Asia, was made up of 130 investment managers with mandates to invest globally or internationally. The breadth and innovation demonstrated by the Competitive Edge products were praised by respondents as standout achievements. Clients noted that the Competitive Edge "brought focus and discipline to the task of creating a global product as no one had ever done before." Clients also highly recognized and commended Barton Biggs, whose commentaries were cited by portfolio managers as "thought-provoking." Said one investment manager, "All the big brokerage houses have global strategists, but Biggs is the best known." Other research members were cited by clients. For example, Japan Research Director Takatoshi Yamamoto and analyst Noriko Oki were singled out for their in-depth coverage of the electronics industry. One analyst noted, "Morgan Stanley has put smart people in various parts of the world and pulled together their coverage to make it comprehensive."