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SECURITIES

From Times Staff and Wire Reports

Morgan Stanley Cut Top Officers’ Pay: Morgan Stanley Group Inc. reduced incentive compensation for its top six officers by one-third last year because the company’s return on equity declined. Morgan’s compensation committee called the company’s 1992 performance “generally strong overall.” The decline in return on equity led Morgan Stanley to reduce the bonuses given to Chairman Richard Fisher and President Robert Greenhill to $2.86 million each in 1992 from $4.82 million in 1991, a 40% reduction. The base salaries of Fisher and Greenhill remained unchanged at $475,000 apiece. Anson Beard Jr., a managing director, had his bonus cut to $2.37 million from $4.32 million and wasn’t given any increase in his base salary of $450,000.

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