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EXHIBIT 21

Subsidiaries of Morgan Stanley*
As of December 31, 2024

* 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.

CompanyJurisdiction of Incorporation or Formation
Morgan StanleyUnited States
Morgan Stanley Capital Management, LLCUnited States
Morgan Stanley & Co. LLCUnited States
Morgan Stanley Bank, N.A.United States
Morgan Stanley Domestic Holdings, LLCUnited States
Morgan Stanley Capital Group Inc.United States
Morgan Stanley Capital Services LLCUnited States
Morgan Stanley Investment Management Inc.United States
Morgan Stanley Private Bank, National AssociationUnited States
Morgan Stanley Smith Barney LLCUnited States
Morgan Stanley Finance LLCUnited States
Morgan Stanley Holdings LLCUnited 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 LimitedUnited Kingdom
Morgan Stanley Europe Holding SEGermany
Morgan Stanley Europe SEGermany
Morgan Stanley Bank AGGermany
Morgan Stanley Investments (UK)United Kingdom
Morgan Stanley & Co. International plcUnited Kingdom
Morgan Stanley Investment Management LimitedUnited Kingdom