<ARTICLE> 5
<LEGEND>
THIS  SCHEDULE  CONTAINS  SUMMARY  FINANCIAL   INFORMATION  EXTRACTED  FROM  THE
FINANCIAL  STATEMENTS  OF BERNARD  HALDANE  ASSOCIATES,  INC. FOR THE SIX MONTHS
ENDED  NOVEMBER 30, 1996,  AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1

                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-1997
<PERIOD-START>                             JUN-01-1996
<PERIOD-END>                               NOV-30-1996
<CASH>                                       1,561,811 
<SECURITIES>                                    54,286 
<RECEIVABLES>                                  576,349 
<ALLOWANCES>                                   230,000 
<INVENTORY>                                          0 
<CURRENT-ASSETS>                             2,457,665 
<PP&E>                                          45,381 
<DEPRECIATION>                                  21,123 
<TOTAL-ASSETS>                               3,780,893 
<CURRENT-LIABILITIES>                          501,877 
<BONDS>                                              0 
<PREFERRED-MANDATORY>                                0 
<PREFERRED>                                          0 
<COMMON>                                            12 
<OTHER-SE>                                   2,744,326 
<TOTAL-LIABILITY-AND-EQUITY>                 3,780,893 
<SALES>                                              0 
<TOTAL-REVENUES>                             1,337,537 
<CGS>                                                0 
<TOTAL-COSTS>                                        0 
<OTHER-EXPENSES>                               793,908  
<LOSS-PROVISION>                                     0 
<INTEREST-EXPENSE>                              30,519 
<INCOME-PRETAX>                                513,110 
<INCOME-TAX>                                   205,000 
<INCOME-CONTINUING>                            308,110  
<DISCONTINUED>                                  17,963
<EXTRAORDINARY>                                      0 
<CHANGES>                                            0 
<NET-INCOME>                                   326,073 
<EPS-PRIMARY>                                      .32 
<EPS-DILUTED>                                      .32