<ARTICLE>    5
<MULTIPLIER> 1,000
       
                                                   
<PERIOD-TYPE>                                              3-MOS
<FISCAL-YEAR-END>                                    MAR-31-1999
<PERIOD-END>                                         MAR-31-1999
<CASH>                                                   113,205
<SECURITIES>                                              46,344
<RECEIVABLES>                                             13,976
<ALLOWANCES>                                                   0
<INVENTORY>                                                    0
<CURRENT-ASSETS>                                               0<F1>
<PP&E>                                                         0
<DEPRECIATION>                                                 0
<TOTAL-ASSETS>                                           218,151
<CURRENT-LIABILITIES>                                          0<F1>
<BONDS>                                                        0
<PREFERRED-MANDATORY>                                          0
<PREFERRED>                                                    0
<COMMON>                                                      30
<OTHER-SE>                                               117,020
<TOTAL-LIABILITY-AND-EQUITY>                             117,050
<SALES>                                                        0
<TOTAL-REVENUES>                                          39,691
<CGS>                                                          0
<TOTAL-COSTS>                                             76,667
<OTHER-EXPENSES>                                               0
<LOSS-PROVISION>                                               0
<INTEREST-EXPENSE>                                             0
<INCOME-PRETAX>                                           (32,285)
<INCOME-TAX>                                              (15,118)
<INCOME-CONTINUING>                                       (17,881)
<DISCONTINUED>                                                  0
<EXTRAORDINARY>                                                 0
<CHANGES>                                                       0
<NET-INCOME>                                              (17,881)
<EPS-PRIMARY>                                                   0<F2>
<EPS-DILUTED>                                                   0<F2>
<FN>
<F1>  UNCLASSIFIED STATEMENT OF FINANCIAL CONDITION.
<F2>  TO BE PRESENTED ON A PRO FORMA BASIS.