Exhibit 4.8


                                 AMENDMENT NO. 1
                                     TO THE
                           1996 SHAREHOLDERS AGREEMENT
                                  BY AND AMONG
                            W.P. STEWART & CO., LTD.
                      (SUCCESSOR TO GLOBAL REACH, LIMITED)
                                       AND
                           CERTAIN OF ITS SHAREHOLDERS

         This  Amendment,  dated as of December 29, 2000 (this  "Amendment")  is
made  by  and  among  W.P.   STEWART  &  CO.,  LTD.,  a  Bermuda   company  (the
"Corporation"),  and certain  shareholders of the Corporation who are parties to
the 1996 Shareholders Agreement, dated as of May ___, 1996 (the "Agreement"), by
and among Global Reach,  Limited and certain of its shareholders.  Terms used in
this  Amendment,  but not otherwise  defined  herein,  shall have the respective
meanings ascribed to them in the Agreement.

                                    RECITALS:

         WHEREAS,  Global Reach, Limited entered into the Agreement with certain
of its shareholders on May ___, 1996;

         WHEREAS, on October 21, 1997, Global Reach, Limited changed its name to
W.P.  Stewart & Co.,  Ltd.  and on March 13, 1998,  further  changed its name to
Capital Managers Limited ("CML");

         WHEREAS,  on October 30, 1998, CML merged into the  Corporation and the
Corporation assumed CML's obligations and rights under the Agreement;

         WHEREAS,  Section 1(a) of the Agreement  provides that the shareholders
of the  Corporation  listed on Schedule I hereto (the  "Shareholders")  agree to
vote their shares (the  "Subject  Shares") of the  Corporation  to elect certain
persons to the Board of Directors of the Corporation;

         WHEREAS,  the persons  listed on  Schedule  II hereto  (the  "Agreement
Parties") are all the  shareholders of the Corporation  which are parties to the
Agreement;

         WHEREAS,  the Corporation and the Agreement Parties desire to amend the
Agreement as provided herein;


<PAGE>


         WHEREAS,  in  accordance  with the  provisions  of Section  4(d) of the
Agreement,  the Agreement may be modified with the written consent of the owners
of at least 90% of the  outstanding  shares of the  Corporation  subject  to the
Agreement (the "Requisite Consent");

         WHEREAS, the Corporation consummated the initial public offering of its
shares (the "IPO") on December 13, 2000; and

         WHEREAS,  the  persons  listed  on  Schedule  III  hereto  are  all the
Agreement  Parties  which have  registration  rights  under  Section 3(b) of the
Agreement (the "Scheduled Shareholders").

         NOW  THEREFORE,   in   consideration  of  the  mutual  promises  herein
contained, and other good and valuable consideration the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

1. Section 1(a) of the Agreement is hereby deleted in its entirety.

2. Pursuant to the terms of the Agreement,  following the IPO, the provisions of
Sections 2 and 3(a) of the Agreement shall no longer be of any effect.

3. Following the IPO and the  effectiveness of Section 1 of this Amendment,  the
Scheduled Shareholders shall be the only parties (other than the Corporation) to
have any obligations or rights under the Agreement. The parties hereto therefore
hereby  agree that  following  the  effectiveness  of this  Amendment,  the only
parties  to  the  Agreement   shall  be  the   Corporation   and  the  Scheduled
Shareholders.

4. This Amendment may be executed in any number of  counterparts,  each of which
shall be deemed to be an original,  and all of which shall  together  constitute
one and the  same  instrument.  This  Amendment  shall  be  effective  upon  the
execution of  counterparts  of this  Amendment  by the holders of the  Requisite
Consent;  provided,  however,  that  Section 1 to this  Amendment  shall  become
effective upon the execution of holders of 90% of the Subject Shares.

5. Except as expressly modified hereby, the Agreement shall remain in full force
and effect in accordance with its terms.

6. This Amendment shall be construed and enforced in accordance with the laws of
Bermuda, without regard to rules of such country governing conflict of laws.


                                       2


<PAGE>


         IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the day and year first above written.


W.P. STEWART & CO., LTD.


/s/ Lisa Levey
---------------------------------
By: Lisa Levey
Title: General Counsel/Assistant Secretary


/s/ Kevin & Michaelane Aarons
---------------------------------
Kevin & Michaelane Aarons



---------------------------------
John A. Allison


/s/ David Altman
---------------------------------
David Altman


/s/ Shamell Amory
---------------------------------
Shamell Amory


---------------------------------
Scott Belair


---------------------------------
Ralph Belfiore


/s/ Stewart Bent
---------------------------------
Stewart Bent


/s/ David Blatcher
---------------------------------
David Blatcher


                                       3


<PAGE>


/s/ Robert Bloemer
---------------------------------
Robert Bloemer


/s/ Ernest Bott
---------------------------------
Ernest Bott



---------------------------------
Carmel Bourke


/s/ Katy Brash
---------------------------------
Katy Brash



---------------------------------
Richard Breeden


/s/ Marilyn G. Breslow
---------------------------------
Marilyn G. Breslow


Marilyn G. Breslow, as Trustee of
NICHOLAS MORRIS BRESLOW 1997 GRANTOR TRUST


/s/ Marilyn G. Breslow
---------------------------------
Marilyn G. Breslow

Marilyn G. Breslow, as Trustee of
NOAH JOSEPH BRESLOW 1997 GRANTOR TRUST


/s/ Marilyn G. Breslow
---------------------------------
Marilyn G. Breslow


---------------------------------
Edgar Brunner


/s/ Robert E. Burke
---------------------------------
Robert E. Burke


                                       4


<PAGE>


---------------------------------
Ed Butler


/s/ Paula Capra
---------------------------------
Paula Capra


/s/ Sylvia Cart
---------------------------------
Sylvia Cart


/s/ Elizabeth Casey
---------------------------------
Elizabeth Casey


/s/ John J. Casey
---------------------------------
John J. Casey


/s/ Kathleen & John Casey
---------------------------------
Kathleen & John Casey


/s/ Sandra (Vicente) Coleman
---------------------------------
Sandra (Vicente) Coleman


/s/ Patricia Conides
---------------------------------
Patricia Conides


/s/ Detra Dechabert
---------------------------------
Detra Dechabert


/s/ Katherine DeSilva
---------------------------------
Katherine DeSilva


                                       5


<PAGE>


/s/ Kevin Devos
---------------------------------
Kevin Devos


/s/ Regina Dodge
---------------------------------
Regina Dodge


---------------------------------
Anna Falconieri


---------------------------------
Alexander Farman-Farmaian


/s/ John Ferrer
---------------------------------
John Ferrer


---------------------------------
Christine A. Fowler

/s/ Joseph S. Frelinghuysen, Jr.
---------------------------------
Joseph S. Frelinghuysen, Jr.


---------------------------------
Michael J. Gillen


/s/ Stacy R. Golding
---------------------------------
Stacy R. Golding


                                       6


<PAGE>


THE GRAYMER FOUNDATION


---------------------------------
By:
Title:


/s/ Sarah Harkness
---------------------------------
Sarah Harkness


/s/ Cecilia Hartsell
---------------------------------
Cecilia Hartsell


/s/ Mark Henderson
---------------------------------
Mark Henderson


---------------------------------
Susan Hughes


/s/ Joann Hundtermark
---------------------------------
Joann Hundtermark


---------------------------------
Patricia Ingenito


David B. Jennison, as Trustee under
AGREEMENT OF TRUST DATED NOVEMBER 30, 1992
FBO David Jennison


---------------------------------
David B. Jennison


                                       7


<PAGE>


David B. Jennison, as Trustee under
AGREEMENT OF TRUST DATED NOVEMBER 30, 1992
FBO Matthew P. Jennison


---------------------------------
David B. Jennison


David B. Jennison, as Trustee under
AGREEMENT OF TRUST DATED NOVEMBER 30, 1992
FBO Peter Jennison


---------------------------------
David B. Jennison


/s/ Peter H. Jennison
---------------------------------
Peter H. Jennison


/s/ Philip D. Jennison
---------------------------------
Philip D. Jennison



---------------------------------
Carolyn Johnson


/s/ Frans Jurgens
---------------------------------
Frans Jurgens


---------------------------------
Helen Kahn


                                       8


<PAGE>


Helen Kahn, as Trustee of
HELEN KAHN REVOCABLE TRUST

------------------------------
Helen Kahn



---------------------------------
Richard Kahn


/s/ Robert Kahn
---------------------------------
Robert Kahn



---------------------------------
Stephen Kahn


/s/ Douglas Kaplar
---------------------------------
Douglas Kaplar


/s/ Kristen Killian
---------------------------------
Kristen Killian


/s/ Jefferson Kimball
---------------------------------
Jefferson Kimball


/s/ Silvia Knott-Martin
---------------------------------
Silvia Knott-Martin


/s/ Charles Lapusheski
---------------------------------
Charles Lapusheski


/s/ Susan Leber
---------------------------------
Susan Leber


                                       9


<PAGE>


/s/ Lisa Levey
---------------------------------
Lisa Levey


/s/ Celina Lin
---------------------------------
Celina Lin


/s/ Chad Livingston
---------------------------------
Chad Livingston


/s/ Rocco Macri
---------------------------------
Rocco Macri


---------------------------------
Carolann Marshall


---------------------------------
Kim Meacham


/s/ Ryan Melkonian
---------------------------------
Ryan Melkonian


/s/ Stephen E. Memishian
---------------------------------
Stephen E. Memishian


/s/ Karen Mitchell
---------------------------------
Karen Mitchell


Morgan Guaranty Trust Company of New York
And Judith Genatt, as Trustee of
SCHWARTZ TRUST -- FBO James Schwartz


/s/ Judith Genatt                         /s/ Sara Rubin
---------------------------------         -------------------------------------
Judith Genatt                             By:  Sara Rubin
                                          Title:  Vice President


                                       10


<PAGE>


Morgan Guaranty Trust Company of New York
And Judith Genatt, as Trustee of
SCHWARTZ TRUST -- FBO Jonathon Schwartz


/s/ Judith Genatt                         /s/ Sara Rubin
---------------------------------         -------------------------------------
Judith Genatt                             By:  Sara Rubin
                                          Title:  Vice President


Morgan Guaranty Trust Company of New York
And Judith Genatt, as Trustee of
SCHWARTZ TRUST -- FBO Kathryn Schwartz


/s/ Judith Genatt                         /s/ Sara Rubin
---------------------------------         -------------------------------------
Judith Genatt                             By:  Sara Rubin
                                          Title:  Vice President


---------------------------------
Marina Morgan


/s/ Brian Mullaney
---------------------------------
Brian Mullaney


/s/ Annika Myllari
---------------------------------
Annika Myllari


---------------------------------
Andrea Myron


/s/ Duncan Owles
---------------------------------
Duncan Owles


/s/ Ralph Palleschi
---------------------------------
Ralph Palleschi


---------------------------------
Chris Pandullo


                                       11


<PAGE>


/s/ Ernie Phillips
---------------------------------
Ernie Phillips


/s/ Alison Proshan
---------------------------------
Alison Proshan


/s/ Madeline Ramirez
---------------------------------
Madeline Ramirez


---------------------------------
Wendy Richter


---------------------------------
George Rifkin


---------------------------------
Kathleen Ritchie


Mary Elizabeth Rogers, as Trustee of
ROGERS TRUST -- FBO Ann Bronwyn Rogers


---------------------------------
Mary Elizabeth Rogers


---------------------------------
C. Graydon Rogers


/s/ David Scott Rogers
---------------------------------
David Scott Rogers


---------------------------------
Stuart Rogers


                                       12


<PAGE>


---------------------------------
Robert L. Rohn


---------------------------------
Robert Rosenthal


/s/ John Russell
---------------------------------
John Russell


Patricia B. Russell and Robert D. Gilliken, as Trustees of
MARITIAL TURST -- FBO Patricia Russell


/s/ Patricia B. Russell                       /s/ Robert D. Gilliken
---------------------------------             ---------------------------------
Patricia B. Russell                           Robert D. Gilliken


---------------------------------
Fred Ryan


/s/ Mike Ryan
---------------------------------
Mike Ryan


/s/ Peter Savasta
---------------------------------
Peter Savasta


---------------------------------
Richard Schmidt


/s/ Michael Schubert
---------------------------------
Michael Schubert


                                       13


<PAGE>


/s/ Robert L. Schwartz
---------------------------------
Robert L. Schwartz


---------------------------------
Harry W. Segalas


/s/ Bruce Seigel
---------------------------------
Bruce Seigel


---------------------------------
Barbara Ann Shelley


/s/ Hanna Shen
---------------------------------
Hanna Shen


---------------------------------
Stuart Shillingford


/s/ Henry Smith
---------------------------------
Henry Smith


---------------------------------
Samantha Smith


---------------------------------
Carl Spangler


                                       14


<PAGE>


/s/ Gregory Stewart
---------------------------------
Gregory Stewart


/s/ Lisa Stewart
---------------------------------
Lisa Stewart


/s/ Nancy Stewart
---------------------------------
Nancy Stewart


William P. Stewart, Jr., as Trustee of
STEWART TRUST 1987-FBO Gregory S. Stewart


/s/ William P. Stewart, Jr.
---------------------------------
William P. Stewart, Jr.


William P. Stewart, Jr., as Trustee of
STEWART TRUST 1987-FBO Jeffrey R. Stewart


/s/ William P. Stewart, Jr.
---------------------------------
William P. Stewart, Jr.


William P. Stewart, Jr., as Trustee of
STEWART TRUST 1992-FBO Jeffrey R. Stewart


/s/ William P. Stewart, Jr.
---------------------------------
William P. Stewart, Jr.


William P. Stewart, Jr., as Trustee of
STEWART TRUST 1987-FBO Lisa M. Stewart


/s/ William P. Stewart, Jr.
---------------------------------
William P. Stewart, Jr.


                                       15


<PAGE>


William P. Stewart, Jr., as Trustee of
STEWART TRUST 1987-FBO William P. Stewart III


/s/ William P. Stewart, Jr.
---------------------------------
William P. Stewart, Jr.


/s/ Daniel B. Strickberger
---------------------------------
Daniel B. Strickberger


/s/ Alexander Stucki
---------------------------------
Alexander Stucki


/s/ Frank Surita
---------------------------------
Frank Surita


/s/ Naoko Takemura
---------------------------------
Naoko Takemura


---------------------------------
Kach Tam


/s/ Charles Target
---------------------------------
Charles Target


---------------------------------
Debra Valenti


/s/ Jill Valenti
---------------------------------
Jill Valenti


                                       16


<PAGE>


/s/ E. Glynn Valentine
---------------------------------
E. Glynn Valentine


---------------------------------
Dennis Walsh


---------------------------------
John Ward


/s/ Barton Weisenfluh
---------------------------------
Barton Weisenfluh


/s/ Dionne Wilkinson
---------------------------------
Dionne Wilkinson


/s/ Kate Willis
---------------------------------
Kate Willis


---------------------------------
Chris Wills


---------------------------------
Alice Zoloto


                                       17


<PAGE>


                                   SCHEDULE I
                                  Shareholders

Marilyn G. Breslow
Stacy R. Golding
Robert Kahn
Philip D. Jennison
Stephen E. Memishian
C. Graydon Rogers
Robert Rohn
Robert L. Schwartz
Harry W. Segalas
William P. Stewart, Jr.
Daniel Strickberger


                                       18


<PAGE>


                                   SCHEDULE II
                            Parties to the Agreement

Kevin S. Aarons
Michaelane Aarons
John A. Allison
David Altman
Shamell Amory
Scott Belair
Ralph Belfiore
Stewart Bent
David Blatcher
Robert Bloemer
Ernest Bott
Carmel Bourke
Katy Brash
Richard Breeden
Marilyn G. Breslow
Edgar Brunner
Robert E. Burke
Ed Butler
Paula Capra
Sylvia Cart
Elizabeth Casey
John J. Casey
Kathleen & John Casey
Sandra (Vicente) Coleman
Patricia Conides
Detra Dechabert
Katherine DeSilva
Kevin Devos
Regina Dodge
Kaplar Douglas
Anna Falconieri
Alexander Farman-Farmaian
John Ferrer
Christine A. Fowler
Joseph S. Frelinghuysen, Jr.
Michael J. Gillen
Stacy R. Golding
The Graymer Foundation
Sarah Harkness
Cecilia Hartsell
Mark Henderson
Susan Hughes
Joann Hundtermark


                                       19


<PAGE>


Patricia Ingenito
Jennison Trust FBO David Jennison
Jennison Trust FBO Matthew P. Jennison
Jennison Trust FBO Peter Jennison
Peter H. Jennison
Philip D. Jennison
Carolyn Johnson
Frans Jurgens
Helen Kahn
Richard Kahn
Robert Kahn
Stephen Kahn
Helen Kahn Revocable Trust
Douglas Kaplar
Kristen Killian
Jefferson Kimball
Silvia Knott-Martin
Charles Lapusheski
Susan Leber
Lisa Levey
Celina Lin
Chad Livingston
Rocco Macri
Carolann Marshall
Kim Meacham
Ryan Melkonian
Stephen E. Memishian
Karen Mitchell
Marina Morgan
Brian Mullaney
Annika Myllari
Andrea Myron
Duncan Owles
Ralph Palleschi
Chris Pandullo
Ernie Phillips
Alison Proshan
Madeline Ramirez
Wendy Richter
George Rifkin
Kathleen Ritchie
Rogers Truat FBO Ann Brownyn Rogers
C. Graydon Rogers
David Scott Rogers
Stuart Rogers
Robert L. Rohn


                                       20


<PAGE>


Robert Rosenthal
John Russell
Patricia Russell Maritial Trust
Fred Ryan
Mike Ryan
Peter Savasta
Schwartz Trust - FBO James Schwartz
Schwartz Trust - FBO Jonathon Schwartz
Schwartz Trust - FBO Kathryn Schwartz
Robert L. Schwartz
Michael Schubert
Richard Schmidt
Harry W. Segalas
Bruce Seigel
Barbara Ann Shelley
Hanna Shen
Stuart Shillingford
Henry Smith
Samantha Smith
Carl Spangler
Gregory Stewart
Lisa Stewart
Nancy Stewart
William P. Stewart, Jr.
Daniel B. Strickberger
Alexander Stucki
Frank Surita
Naoko Takemura
Kach Tam
Charles Target
Debra Valenti
Jill Valenti
E. Glynn Valentine
Sandra Vicente
Dennis Walsh
John Ward
Barton Weisenfluh
Dionne Wilkinson
Kate Willis
Chris Wills
Alice Zoloto


                                       21


<PAGE>


                                  SCHEDULE III
                             Scheduled Shareholders

Kevin Aarons
John A. Allison
David Altman
Marilyn G. Breslow
Robert E. Burke
John J. Casey
Alexander Farman-Farmaian
John Ferrer
Christine A. Fowler
Joseph S. Frelinghuysen, Jr.
Michael J. Gillen
Stacy R. Golding
The Graymer Foundation
Patricia Ingenito
Jennison Trust FBO David Jennison
Jennison Trust FBO Matthew P. Jennison
Jennison Trust FBO Peter Jenison
Peter H. Jennison
Philip D. Jennison
Helen Kahn
Richard Kahn
Robert Kahn
Stephen Kahn
Carolann Marshall
Stephen E. Memishian
C. Graydon Rogers
David Scott Rogers
Stuart Rogers
Robert Rohn
Schwartz Trust - FBO James Schwartz
Schwartz Trust - FBO Jonathon Schwartz
Schwartz Trust - FBO Kathryn Schwartz
Robert L. Schwartz
Harry W. Segalas
Barbara Ann Shelley
William P. Stewart, Jr.
Daniel Strickberger
Debra Valenti
Sandra Vicente
Alice Zoloto


                                       22