<ARTICLE>        5
<MULTIPLIER>     1,000
       
                                                  
<PERIOD-TYPE>                                        YEAR
<FISCAL-YEAR-END>                                    DEC-31-1998
<PERIOD-END>                                         DEC-31-1998
<CASH>                                               50,222
<SECURITIES>                                         83,802
<RECEIVABLES>                                        28,718
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                       254,675
<CURRENT-LIABILITIES>                                0<F1>
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             2
<OTHER-SE>                                           193,998
<TOTAL-LIABILITY-AND-EQUITY>                         194,900
<SALES>                                              0
<TOTAL-REVENUES>                                     138,187
<CGS>                                                0
<TOTAL-COSTS>                                        93,175
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      64,428
<INCOME-TAX>                                         5,451
<INCOME-CONTINUING>                                  57,267
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         57,267
<EPS-PRIMARY>                                        0 <F2>
<EPS-DILUTED>                                        0 <F2>
<FN>
<F1> UNCLASSIFIED STATEMENT OF FINANCIAL CONDITION.
<F2> TO BE PRESENTED ON A PRO FORMA BASIS.
</FN>