For The
                                                                Eight-months           For The
                                                                    Ended            Year Ended
                                                                December 31,          April 30,
                                                                    1997                1997
                                                              -----------------   -----------------
                                                                     (Dollars in thousands)
Revenues
  Investment management fees...............................           $144,790            $175,814
  Net distribution assistance and commission income........              2,992               4,910
  Interest and dividends...................................              1,155               1,250
                                                                      --------            --------
     Total revenues........................................            148,937             181,974
                                                                      --------            --------
Expenses
  Compensation and benefits................................             66,312              77,664
  Occupancy................................................              4,713               6,572
  General and administrative...............................              8,753              12,494
  Promotional..............................................              4,173               6,334
                                                                      --------            --------
     Total expenses........................................             83,951             103,064
                                                                      --------            --------
Operating income...........................................             64,986              78,910
  Gain on Quest sales......................................              4,374               2,806
                                                                      --------            --------
Income before income tax expense and minority interest.....             69,360              81,716
  Income tax expense.......................................              2,985               3,198
                                                                      --------            --------
Income before minority interest............................             66,375              78,518
  Minority interest........................................               (251)               (254)
                                                                      --------            --------
Net income.................................................           $ 66,124            $ 78,264
                                                                      ========            ========

                      The accompanying notes are an integral part of these consolidated financial statements.