The Banker magazine recognized Morgan Stanley's innovation and team work with two Investment Banking awards for Most Innovative Team of the Year and Most Innovative in Retail Structured Products. The results appear in the October issue.

"In a year of falling credit and equity markets and imploding structured products, delivering the right balance for a retail investor audience has been an especially delicate task," the editors wrote. "Morgan Stanley sought the difficult combination of diversification and protection in volatile times."

In a nod to the challenging market conditions, The Banker revamped its Investment Banking Awards this year to focus on innovation in products, structure or strategies.