<ARTICLE> 5
<LEGEND>
THIS  SCHEDULE  CONTAINS  SUMMARY  FINANCIAL   INFORMATION  EXTRACTED  FROM  THE
FINANCIAL  STATEMENTS OF BERNARD  HALDANE  ASSOCIATES,  INC. FOR THE NINE MONTHS
ENDED  FEBRUARY 28, 1997,  AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1

                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          MAY-31-1997
<PERIOD-START>                             JUN-01-1996
<PERIOD-END>                               FEB-28-1997
<CASH>                                       1,722,382
<SECURITIES>                                    54,856 
<RECEIVABLES>                                  646,672 
<ALLOWANCES>                                   260,000 
<INVENTORY>                                          0 
<CURRENT-ASSETS>                             2,673,097 
<PP&E>                                          57,940 
<DEPRECIATION>                                  23,477 
<TOTAL-ASSETS>                               3,959,292 
<CURRENT-LIABILITIES>                          587,968 
<BONDS>                                              0 
<PREFERRED-MANDATORY>                                0 
<PREFERRED>                                          0 
<COMMON>                                            12 
<OTHER-SE>                                   3,353,632 
<TOTAL-LIABILITY-AND-EQUITY>                 3,959,292 
<SALES>                                              0 
<TOTAL-REVENUES>                             1,986,579 
<CGS>                                                0 
<TOTAL-COSTS>                                        0 
<OTHER-EXPENSES>                             1,327,212  
<LOSS-PROVISION>                                     0 
<INTEREST-EXPENSE>                              45,779 
<INCOME-PRETAX>                                659,367 
<INCOME-TAX>                                   248,368 
<INCOME-CONTINUING>                            410,999  
<DISCONTINUED>                                  17,942
<EXTRAORDINARY>                                      0 
<CHANGES>                                            0 
<NET-INCOME>                                   428,941 
<EPS-PRIMARY>                                      .42 
<EPS-DILUTED>                                      .42