EXHIBIT 21
Subsidiaries of Morgan Stanley*
As of December 31, 2025
* Pursuant to Item 601(b)(21)(ii) of Regulation S-K, the names of certain other subsidiaries of Morgan Stanley are omitted because, considered in the aggregate as a single subsidiary, they would not constitute a “significant subsidiary” as that term is defined in Rule 1-02(w) of Regulation S-X under the Securities Exchange Act of 1934.
| Company | Jurisdiction of Incorporation or Formation | ||||
| Morgan Stanley | United States | ||||
| Morgan Stanley Capital Management, LLC | United States | ||||
| Morgan Stanley & Co. LLC | United States | ||||
| Morgan Stanley Bank, N.A. | United States | ||||
| Morgan Stanley Domestic Holdings, LLC | United States | ||||
| Morgan Stanley Capital Group Inc. | United States | ||||
| Morgan Stanley Capital Services LLC | United States | ||||
| Morgan Stanley Investment Management Inc. | United States | ||||
| Morgan Stanley Private Bank, National Association | United States | ||||
| Morgan Stanley Smith Barney LLC | United States | ||||
| Morgan Stanley Finance LLC | United States | ||||
| Morgan Stanley Holdings LLC | United States | ||||
| Morgan Stanley International Holdings Inc. | United States | ||||
| Morgan Stanley Japan Holdings Co., Ltd. | Japan | ||||
| Morgan Stanley MUFG Securities Co., Ltd. | Japan | ||||
| Morgan Stanley International Limited | United Kingdom | ||||
| Morgan Stanley Europe SE | Germany | ||||
| Morgan Stanley Bank AG | Germany | ||||
| Morgan Stanley Investments (UK) | United Kingdom | ||||
| Morgan Stanley & Co. International plc | United Kingdom | ||||
| Morgan Stanley Investment Management Limited | United Kingdom | ||||