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): September 18, 1998
                      Lexington Global Asset Managers, Inc.
             (Exact name of Registrant as specified in its charter)

                                    Delaware
        (State or other jurisdiction of incorporation or organization)

          0-26868                                 22-3395036
     (Commission File No.)                     (I.R.S. Employer
                                              Identification No.)

PARK 80 WEST PLAZA TWO
SADDLE BROOK, NJ 07663
(Address of principal executive offices)  (Zip code)

                              (201) 845-7300
           (Registrant's telephone number including area code)








Item 5.  Other Events


On September 18, 1998,  the  registrant  announced an additional  share buy-back
program.  The Board of  Directors  of  Lexington  Global  Asset  Managers,  Inc.
(Nasdaq: LGAM) ("the Company") authorized an additional share repurchase program
of up to 750,000 shares effective  immediately.  An earlier program  authorizing
the  repurchase of up to 750,000  shares over three years was announced on March
6, 1997. Through September 10, 1998, the Company had repurchased  718,000 shares
of its common stock under this earlier program.

Repurchases  will be made  from  time to time  in the  open  market  or  through
privately  negotiated  transactions at market prices. This stock repurchase plan
was approved on September 17, 1998 and has a term of three years.

Robert M. DeMichele,  President and Chief  Executive  Officer of LGAM said that,
"This  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 September  17, 1998,  Lexington  Global Asset  Managers had
4,780,887 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:  9-21-98