For peer-leading earnings, being advisor of choice and shareholder appeal, Morgan Stanley was named Euromoney's Global Investment Bank of the Year.

"Morgan Stanley is back," the editors wrote in the July edition. In making the selection, Euromoney cited the Firm's return as the advisor of choice on the Street, the up-tick in stock price and a critical piece of the Firm's heritage that defies quantification.

"Most important of all, Morgan Stanley has its culture back," they wrote. "There is a sense of confidence and pride among its senior managers. ... Morgan Stanley is going places, irrespective of how far it has already come."
In addition, the Firm was recognized as:

• Best Investment Bank – Spain
• Best Investment Bank – Luxemburg
• Best Investment Bank – Taiwan
• Best M&A House – UK
• Best M&A House – Denmark
• Best M&A House – Nordic and Baltic region
• Best M&A House – Singapore
• Best M&A House – Hong Kong
• Best Debt House – China
• Best Debt House – Singapore
• Best Debt House – Colombia
• Best Project Finance House in Latin America

In their cover story about the Morgan Stanley's "reversal of fortunes," the editors were quick to highlight an increase in risk-taking since the return of Chairman and CEO John Mack, which has led not only to more of the Firm's own capital being deployed, but also to quicker decisions being made and executed.

The feature examines Morgan Stanley's ongoing strategic investment in targeted growth businesses, international expansion and recent realignment of Institutional Securities to better meet the needs of an evolving client.

On numbers, Morgan Stanley's performance outpaced its competitors', with net quarterly revenues up 30 percent since the first quarter of 2006 and return on equity topping 28 percent in 2007. Equally impressive was Morgan Stanley's role in many of the landmark deals over the past 12 months.

One business within the Firm that Euromoney found particularly compelling was the resurgence of Morgan Stanley Investment Management, which earned the division its own feature in the issue.

Though the editors noted that MSIM was only 18 months into its strategic growth plan, "promising signs are apparent." Of note, client inflows more than doubled from first quarter and outflows were cut.

The editors were also impressed by MSIM's quick ramp-up in alternatives, citing recent strategic stakes and acquisitions, the realignment of real-estate investing, and support from the Firm as a whole. Much of this turnaround draws on MSIM President Owen Thomas' experience in running the Firm's industry-leading real-estate franchise, which harmonized the agency and principal sides of the business, of unique importance as the division expands its private-equity platform.

Euromoney editors selected the awards based on applications detailing achievements from April 1, 2006 through March 31, 2007. From a short list, the editors then interviewed the remaining firms to determine the winners. The 25 global awards cover banking and capital markets, in addition to awards for the best banks and securities houses in more than 100 countries around the world.