SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report(Date of earliest event reported): MAY 19, 1997

                      LEXINGTON GLOBAL ASSET MANAGERS, INC.

State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization                                Identification No.)

DELAWARE                                                     22-3395036

LEXINGTON GLOBAL ASSET MANAGERS, INC.
PARK 80 WEST PLAZA TWO
SADDLE BROOK, NJ 07663

(201) 845-7300







Item 5.  Other Events

On March 7, 1997, the registrant  announced a share buy-back program.  The Board
of Directors of Lexington Global Asset Managers,  Inc. (Nasdaq: LGAM) authorized
a share repurchase program of up to 750,000 shares effective immediately.

Repurchases  will be made  from  time to time  in the  open  market  or  through
privately  negotiated  transactions at market prices.  The stock repurchase plan
approved on March 6, 1997 has a term of three years.

Robert M. DeMichele,  President and Chief  Executive  Officer of LGAM said that,
"The  repurchase  program was  initiated  because the Board of Directors is very
confident  about the outlook for the Company and believes  that its stock offers
tremendous  value."  Mr.  DeMichele  went on to say that,  "Our  priority  is to
enhance the value of the Company for our shareholders."

Lexington  Global Asset Managers,  Inc. is a financial  services holding company
that offers, through its subsidiaries, a variety of asset management services to
retail investors,  institutions,  and high net worth individuals.  The Company's
principal  subsidiaries include Lexington  Management  Corporation and Lexington
Funds Distributor which market,  promote, and distribute the Lexington family of
mutual  funds.  As of December  31, 1996  Lexington  Global  Asset  Managers had
5,487,887 shares of common stock outstanding.

This release may include forward-looking  statements of information that involve
risks and  uncertainties.  The Company's actual results could differ  materially
from the results identified in any forward-looking statements.



         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

LEXINGTON GLOBAL ASSET MANAGERS, INC.

By:  /s/  Richard M. Hisey
- ------------------------------------------------
RICHARD M. HISEY
EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER AND TREASURER

Date:   5-19-97