ECM/World Equity is a quarterly publication owned by the International Financing Review. Morgan Stanley garnered the following award in M&A:

UK M&A Transaction: The Energy Group

In March, Morgan Stanley advised The Energy Group (TEG) in its acquisition by Texas Utilities Corp. Texas Utilities acquired TEG for £4.4BN after topping a bid from Pacificorp. ECM notes that "Both Lazards and Morgan Stanley deserve plaudits for their joint role in the process." Specifically, the publication praises Morgan Stanley's role in "convey[ing] to TEG the psychology of the U.S. utilities market…[and] in evaluating rival bids." The bid/counterbid nature of the transaction led ECM/World Equity to name the acquisition the ECM UK M&A Transaction of the Year.