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                                     EXHIBIT 99.1

               Cautionary Language Regarding Forward-Looking Statements

     Certain statements within this Form 10-K, in future filings by the Company
with the Securities and Exchange Commission, in the Company's press releases,
and in other written or oral communications made by or with the approval of an
authorized executive officer of the Company constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995.  The words or phrases "can be," "expects," "may affect," "may depend,"
"believes," "estimate," "project" and similar words and phrases are intended to
identify such forward-looking statements.

     Such forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual results, performance
or achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements.  Some of these risks, uncertainties and other
factors are summarized below.  Because of such risks, uncertainties and other
factors, the Company cautions each person receiving such forward-looking
statements not to place undue reliance on any such statements.  All such
forward-looking statements are current only as of the date and time they are
made.  The Company has no obligation, and will not undertake, to release
publicly any revisions to such forward-looking statements (for example, to
reflect events or circumstances occurring after the date and time such
statements were made, or to reflect events or circumstances that were not
anticipated at the date and time such statements were made).

THE PERFORMANCE OF THE COMPANY AND ITS AFFILIATED FIRMS MAY BE ADVERSELY
AFFECTED BY CHANGES IN ECONOMIC AND MARKET CONDITIONS

     The advisory fees earned by the Company's affiliated firms vary widely
depending on client account size, type of service, product or style offered, and
other factors, but are based primarily on the market value of assets under
management and by the performance of the affiliated firm in managing those
assets.  Consequently, the Company's performance is directly affected by
conditions in financial and securities markets around the world.  These markets
are highly volatile and are directly affected by, among other factors, domestic
and foreign economic conditions and general trends in business and finance.

     The performance of securities markets may also have an inverse effect on
the assets under management by the Company's affiliated firms which are part of
U.S. defined benefit plans.  The Employee Retirement Income Security Act of 1974
("ERISA") and the Internal Revenue Code of 1986 (the "Code") require employers
to fund their defined benefit plans sufficiently to generate the benefits they
have promised.  However, the Code also discourages overfunding of defined
benefit plans by employers by limiting tax deductions for contributions

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to fully funded plans.  The Company believes that high investment returns
experienced in the 1980s and thus far in the 1990s have resulted in many defined
benefit retirement plans reaching or exceeding their full funding limits based
on actuarial calculations and that, therefore, many employers may have ceased to
contribute additional cash to the plans.

THE COMPANY COULD BE ADVERSELY AFFECTED BY WRITE-OFFS OF ACQUIRED CLIENT
CONTRACTS AND BY ADVERSE TAX RULINGS CONCERNING AMORTIZATION OF CLIENT CONTRACTS

     At December 31, 1997, the Company's total assets were approximately $1.5
billion.  Cost assigned to contracts acquired, net of accumulated amortization,
was approximately $1.0 billion (or approximately 67% of total assets).  The cost
assigned to contracts acquired is amortized on a straight-line basis over the
estimated weighted average useful life of the contracts of the individual firms
acquired.  These lives are estimated through statistical analysis of historical
patterns of terminations and the size and age of the contracts acquired as of
the acquisition date.  When actual terminations differ from the statistical
patterns developed, or upon the occurrence of certain other events, the Company
updates the lifing analysis described above.  If the update indicates that any
of the estimates should be shortened, the remaining cost assigned to contracts
acquired will be amortized over the shorter life commencing in the year in which
the new estimate is determined.

     In addition, the Company regularly performs reviews for potential
impairment of the values of contracts, which may result from various changes in
circumstances including, among others, changes at the respective affiliated
firms in advisory fee schedules, strategic planning, client and consultant
relationships, and management of portfolio assets.  Such an evaluation compares
the carrying value of the asset against the estimated undiscounted future cash
flows associated with the asset.  If the evaluation indicates that the
undiscounted future cash flows are not sufficient to recover the carrying value
of the asset, the asset is adjusted to its estimated fair value.  The press
release filed as Exhibit 99.1 to the Company's Form 8-K filed on January 22,
1998 describes a noncash charge against pre-tax earnings for the fourth quarter
of fiscal year 1997 resulting from the impairment of client contracts at two of
the Company's affiliated firms.

     The Company intends to acquire additional investment management firms in
the future.  While these firms will contribute additional revenue to the
Company, such investments will also result in the recording of additional
intangible assets.  Future impairments requiring the write-off of a significant
portion of unamortized cost assigned to contracts acquired, with respect to
existing affiliated firms or firms that the Company may acquire in the future,
could have a material adverse effect on the Company's financial condition or
results of operations.

     Contract amortization for income tax purposes is described in detail in the
Notes to Consolidated Financial Statements which are included in the Company's
Annual Report on Form 10-K for the year ended December 31, 1997.  As more 

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fully described in such Notes, the Company's federal income tax returns for 
the years ending December 31, 1984 through December 31, 1992 are under audit 
by the Internal Revenue Service.  Although the Company believes that the 
audit will be resolved without material adverse effect on the Company's 
consolidated financial position, its consolidated results of operations or 
its consolidated cash flows, if the adjustments proposed in the Revenue 
Agent's Report were upheld in their entirety, the Company's additional 
liability for federal income tax for the years 1984 through 1992 would 
approximate $56,000,000, plus statutory interest thereon.

THE INVESTMENT MANAGEMENT BUSINESS IS HIGHLY COMPETITIVE

     The Company's affiliated firms manage both domestic and international
investment portfolios for corporate benefit plans, mutual funds, government and
union benefit plans, individuals, endowments, and foundations.  These portfolios
are invested in U.S. equities, U.S. bonds and cash, international securities,
real estate, and stable value assets.  With regard to each of these client
bases, and to each of these asset classes, the investment management business is
highly competitive.  Each of the Company's affiliated firms competes for clients
with a broad range of investment managers, including public and private
investment advisers, as well as affiliates of securities broker-dealers,
commercial banks, insurance companies and other entities.  In addition to
competing directly for clients, competition can also impact the affiliated
firms' fee structures.

     The Company believes that the most important factors affecting competition
in the investment management industry are: (a) the abilities and reputations of
investment managers; (b) differences in the investment performance of investment
management firms; (c) the development of new investment strategies; (d) access
to channels of distribution; (e) resources to invest in information
technologies; and (f) client service capabilities.  Further, periodic shifts in
the retirement funds market may favor advisers with strength in particular
areas.  For example, the Company believes that the growing prominence of defined
contribution plans is requiring advisers to develop different marketing and
client service capabilities, and that this shift has tended to favor mutual fund
complexes that also offer bundled record-keeping, accounting and other services
to plan sponsors and participants.  The press release attached as Exhibit 99.1
to the Company's Form 8-K filed on January 22, 1998 describes a shift in the
market for institutionally managed real estate from commingled funds to other
investment vehicles, including real estate investment trusts that offer
liquidity and public pricing.

     Barriers to entry are low, and firms are relatively long-lived in the
investment management business.  Client assets are mobile as investment
management contracts are typically terminable by clients without the payment of
a penalty upon 60-days' notice, in the case of contracts with mutual fund
clients, and, typically upon 30-days' notice, in the case of institutional
contracts.  Many of the affiliated firms' competitors have greater capital and
other resources than any of the affiliated firms, and than the Company and its
affiliated firms on a consolidated basis.  Also, some competitors of the 

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affiliated firms have more widely recognized trade names which may offer a 
further competitive advantage in the retail market.

THE COMPANY'S AFFILIATED FIRMS RELY ON KEY MANAGEMENT PERSONNEL WHOSE CONTINUED
SERVICE IS NOT GUARANTEED

     The Company believes that the business of many of its affiliated firms is
largely dependent on the efforts of key management personnel.  Individual
investment managers at the affiliated firms often have regular direct contact
with particular clients, which can lead to a strong client relationship based on
the client's trust in that individual manager. The loss of a key investment
manager of an affiliated firm could jeopardize the firm's relationships with its
clients and lead to the loss of client accounts at the firm.  Further, an
inability to attract, retain and motivate sufficient numbers of successor
qualified management personnel for any of the affiliated firms would also
adversely affect the Company's business.

     In most cases key management personnel have entered into long-term
employment agreements, pursuant to which they have agreed to devote
substantially all of their working time to the business and affairs of the
respective affiliated firm, and agreed not to provide investment advisory
services to any client of the respective affiliated firm for a period following
the termination of their employment.  Also, the Company has used a combination
of economic incentives and vesting provisions as a means of seeking to retain
these individuals.  The Company is dependent on the enforceability of these
employment and non-competition agreements.  Further, these methods can serve as
no guarantee that these individuals will remain with the Company for the
specified term of the agreements, or for any further term thereafter.  The
market for investment managers is extremely competitive and is increasingly
characterized by frequent movement by investment managers among different firms.
Also, as described above, the barriers to entry for new firms in the investment
management industry are low.

THE COMPANY'S ABILITY TO ALTER OR COORDINATE THE MANAGEMENT PRACTICES AND
POLICIES OF ITS AFFILIATED FIRMS IS LIMITED

     The principals of the affiliated firms are authorized to manage their 
own day-to-day operations, including matters relating to certain employees, 
investment management policies and fee structures, product development, 
marketing, client relationships, compensation programs and compliance 
activities.  The Company does retain the authority to elect and remove the 
directors of its affiliated firms, and to prevent directly any significant 
actions by its affiliated firms.  Also, in recent years, the Company has 
established a number of organizations that augment the marketing and client 
service capabilities of the affiliated firms.  However, the Company itself is 
not registered as an investment adviser either with the Securities and 
Exchange Commission or with any state or foreign regulatory agency, and 
therefore cannot render investment advisory services except through its 
affiliated firms which are properly registered.  Accordingly, the Company's 
ability to alter the management practices and policies of its affiliated 
firms, and to coordinate marketing and client service efforts, is limited.

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THE COMPANY'S GROWTH STRATEGY AND INVESTMENTS MAY NOT BE SUCCESSFUL
 
     A significant component of the Company's growth strategy is to continue
acquiring ownership interests in investment management firms.  To date, the
Company has invested in over 50 such firms and intends to continue this
investment program in the future, subject to its ability to locate suitable
investment management firms in which to invest, its ability to negotiate
agreements with such firms on acceptable terms, and its ability to finance such
acquisitions through the incurrence of additional long-term or short-term
indebtedness or the issuance of additional equity securities in private or
public transactions.  As the aggregate amount of assets under management by the
Company's affiliated firms rises, it may require larger acquisitions or more
frequent acquisitions to have a material effect on the financial condition and
results of operations comparable to the effects achieved in the past through the
Company's acquisitions program.  Also, each acquisition the Company completes
may require additional managerial resources at the Company level.

     The market for partial or total acquisitions of interests in investment
management firms is highly competitive.  The Company is aware of several other
holding companies which have been organized to invest in or acquire investment
management firms.  In addition, numerous other companies, both privately and
publicly held, including commercial and investment banks, insurance companies,
and investment management firms, many of which have longer established operating
histories and significantly greater resources than the Company, make investments
in and acquire investment management firms.  In addition to competing directly
for acquisitions, competition can also increase the prices that must be paid to
successfully acquire firms, and therefore decrease the expected returns on such
investments.

     As described above, in recent years, the Company has established a number
of organizations that augment the marketing and client service capabilities of
its affiliated firms.  As another significant component of its growth strategy,
the Company expects that it will increase its financial support for these
organizations.  However, there can be no guarantee that these organizations will
be successful in attracting new assets for management by the Company's
affiliated firms.

THE COMPANY AND ITS AFFILIATED FIRMS MUST BECOME YEAR 2000 COMPLIANT

     In 1997, the Company started a program to ensure that all of its
information technology hardware and software are fully compliant with Year 2000
computer-related issues, and to assist each of its affiliated firms in ensuring
that all of their respective information technology hardware and software are 

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similarly compliant.  As a part of this program, the Company has and will 
continue to make certain investments in its software systems and 
applications.  The financial impact to the Company has not been and is not 
anticipated to be material.  However, there can be no guarantee that this 
program will be completely successful in ensuring full and timely compliance 
with Year 2000 computer-related issues, and a failure by the Company and its 
affiliated firms to achieve full and timely compliance could have a material 
adverse effect on the Company's financial condition and results of operations.