FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

(Mark One)

|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE
ACT OF 1934

For the quarterly period ended 09-30-99
                                       OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the transition period from ________ to ___________

Commission file number: 0-26868


                      LEXINGTON GLOBAL ASSET MANAGERS, INC.


DELAWARE                                                     22-3395036
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)


PARK 80 WEST PLAZA TWO
SADDLE BROOK, NJ 07663
201-845-7300


         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes X No ____


              APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

         Indicate by check mark whether the  registrant  has filed all documents
and reports  required  to be filed by Section 12, 13 or 15(d) of the  Securities
Exchange Act of 1934 subsequent to the  distribution of securities  under a plan
confirmed by a court.
Yes ____ No ____
                   (APPLICABLE ONLY TO CORPORATE REGISTRANTS)
         Indicate the number of shares  outstanding of each of the  registrant's
classes of common stock, as of September 30, 1999.


                      Common Stock-$.01 Par Value Per Share
                          Authorized 15,000,000 Shares
                          4,427,372 Shares Outstanding




                                TABLE OF CONTENTS


         Part I.  Financial Information
                  Condensed Consolidated Statements of Financial Condition
                  Condensed Consolidated Statements of Operations
                  Condensed Consolidated Statements of Cash Flows
                  Notes to Condensed Consolidated Financial Statements
                  Management's Discussion and Analysis of Financial Condition
                       and Results of Operations

         Part II. Other Information
                  Legal Proceedings and Exhibits




                                         LEXINGTON GLOBAL ASSET MANAGERS, INC.
                                                             AND SUBSIDIARIES

Part I.  Financial Information
Item I.  Financial Statements
<TABLE>
<S>                                                <C>           <C>

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                                                    9/30/1999     12/31/1998
                                                    (Unaudited)
Assets:
Cash and cash equivalents:
   Cash                                              $ 558,489      $ 228,347
   Money market accounts                             8,892,278      8,209,827
                                                   ------------   ------------
                                                     9,450,767      8,438,174
                                                   ------------   ------------
Receivables:
   Investment advisory and management fees           1,177,306        863,920
   Due from funds and other                            398,799        426,585
                                                   ------------   ------------
                                                     1,576,105      1,290,505
                                                   ------------   ------------
Securities at fair value                               658,351      1,337,110
Prepaid expenses                                     1,896,257      1,859,517
Prepaid taxes                                           65,749        182,066
Fixed assets (net of accumulated depreciation
   and amortization)                                   976,153      1,193,515
Intangible assets (net of accumulated amortization)    166,326        178,476
Assets associated with deferred compensation           950,361        834,309
Deferred income taxes                                1,867,229      1,560,686
Other assets                                             9,556          8,608
                                                   ------------   ------------
        Total assets                               $ 17,616,854   $ 16,882,966
                                                   ============   ============

Liabilities:
Accounts payable and other accrued expenses        $ 4,789,244    $ 3,944,677
Deferred income                                      2,206,166      1,879,969
Deferred compensation                                  950,361        834,309
Federal income taxes payable                           675,061        843,434
Other liabilities                                            -         11,391
                                                   ------------   ------------
        Total liabilities                            8,620,832      7,513,780
                                                   ------------   ------------
Minority interest                                      556,241        428,821

Stockholders' Equity:
Common stock, $.01 par value; 15,000,000
authorized shares;5,487,887 issued                      54,879         54,879
Additional paid-in capital                          21,533,391     21,573,392
Accumulated deficit                                 (8,533,318)    (8,633,541)
Deferred compensation                                 (666,667)    (1,118,758)
Treasury stock at cost                              (3,948,504)    (2,935,607)
                                                   ------------   ------------
        Total stockholders' equity                   8,439,781      8,940,365
                                                   ------------   ------------

        Total liabilities and stockholders' equity $ 17,616,854   $ 16,882,966
                                                   ============   ============


See  accompanying  notes  to the  condensed  consolidated  financial  statements
(Unaudited).
</TABLE>



                                         LEXINGTON GLOBAL ASSET MANAGERS, INC.
                                                             AND SUBSIDIARIES


<TABLE>
<S>                                                        <C>            <C>               <C>           <C>

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                    (Unaudited)

                                                           Three Months Ended Sept. 30,     Nine Months Ended Sept. 30,
                                                               1999            1998             1999           1998

Revenues:
   Investment advisory:
      Mutual fund management fees (including approx.
           $72,000,  $92,000,  $242,000, and $278,000
            respectively from related parties)             $ 2,385,485     $ 2,590,728      $ 6,777,591    $ 8,610,051
      Mutual fund commissions                                    3,585          11,304           18,938         60,252
      Other management fees (including approximately
          $871,000,  $761,000,  $2,590,000, and
          $2,245,000 respectively from related parties)      2,346,044       1,989,241        6,671,836      5,746,944
   Commissions income                                           30,692          28,604          104,835         80,580
   Other income/(loss)                                          36,063        (114,693)         437,436         16,033
                                                           ------------    ------------     ------------   ------------
        Total revenues                                       4,801,869       4,505,184       14,010,636     14,513,860
                                                           ------------    ------------     ------------   ------------

Expenses:
   Salaries and other compensation                           3,146,363       2,131,241        7,774,649      6,887,635
   Selling and promotional                                     279,806         269,358          598,949        775,031
   Administrative and general                                1,922,470       1,890,591        5,350,616      5,883,028
                                                           ------------    ------------     ------------   ------------
        Total expenses                                       5,348,639       4,291,190       13,724,214     13,545,694
                                                           ------------    ------------     ------------   ------------
        Income (loss) before income taxes & minority int      (546,770)        213,994          286,422        968,166

Provision for income  taxes
   Current                                                      59,838         199,553          365,322        319,597
   Deferred                                                   (378,421)        (83,279)        (306,543)       135,745
                                                           ------------    ------------     ------------   ------------
        Total provision                                       (318,583)        116,274           58,779        455,342
                                                           ------------    ------------     ------------   ------------
        Income (loss) before minority interest                (228,187)         97,720          227,643        512,824
Minority interest                                               70,856           8,703          127,419         16,773
                                                           ------------    ------------     ------------   ------------
        Net income (loss)                                   $ (299,043)       $ 89,017        $ 100,224      $ 496,051
                                                           ============    ============     ============   ============

Earnings per share:
   Basic earnings (loss) per share                              ($0.07)          $0.02            $0.02          $0.10
                                                           ============    ============     ============   ============
   Diluted earnings (loss) per share                            ($0.07)          $0.02            $0.02          $0.10
                                                           ============    ============     ============   ============

   Average shares outstanding during the period              4,454,258       4,982,511        4,579,403      5,088,603
                                                           ============    ============     ============   ============





             See  accompanying  notes to the  condensed  consolidated  financial
statements (Unaudited).
</TABLE>

                                      LEXINGTON GLOBAL ASSET MANAGERS, INC.
                                                          AND SUBSIDIARIES

<TABLE>
<S>                                                                          <C>                <C>

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                          (Unaudited)

                                                                               Nine Months Ended Sept. 30,
                                                                                1999                1998
                                                                                ----                ----
Cash flows from operating activities:
Net income                                                                    $ 100,224           $ 496,051
Adjustments to reconcile net income to net cash provided
   by  operating activities:
      Depreciation and amortization                                             253,932             249,450
      Deferred income taxes                                                    (306,543)            135,746
      Minority interest                                                         127,419              16,773
      Compensation expense - stock options                                      478,092             466,351
                                                                         ---------------    ----------------
                                                                                552,900             868,320
Change in assets and liabilities
      Receivables                                                              (285,600)            160,068
      Securities at fair value                                                  678,759             387,647
      Prepaid expenses                                                          (36,740)            (16,190)
      Prepaid taxes                                                             116,317              (5,577)
      Accounts payable and accrued expenses                                     844,567            (909,437)
      Federal income taxes payable                                             (168,373)             26,305
      Deferred income                                                           326,197             215,861
      Other, net                                                                (12,338)            139,276
                                                                         ---------------    ----------------
Net cash provided by operating activities                                     2,115,913           1,362,324

Cash flows from investing activities:
      Purchases of furniture, equipment and leasehold
         improvements                                                           (24,420)            (64,015)

Cash flows from financing activities:
      Dividends and other                                                             -            (147,000)
      Purchase of treasury stock                                             (1,078,900)         (2,249,173)
                                                                         ---------------    ----------------
Net cash used in financing activities                                        (1,078,900)         (2,396,173)
Net Increase (decrease) in cash and cash equivalents                          1,012,593          (1,097,864)
Cash and cash equivalents, beginning of period                                8,438,174           8,705,298
                                                                         ---------------    ----------------
Cash and cash equivalents, end of period                                    $ 9,450,767         $ 7,607,434
                                                                         ===============    ================



          See  accompanying  notes  to  the  condensed   consolidated  financial
statements (Unaudited).
</TABLE>











                                        LEXINGTON GLOBAL ASSET MANAGERS, INC.
                                                             AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1.  Basis of Presentation:

The interim  financial  information  presented is  unaudited.  In the opinion of
Company  management,  all  adjustments,  (consisting  only of  normal  recurring
accruals),  necessary to present  fairly the  condensed  consolidated  financial
position and the results of  operations  for the interim  period have been made.
The  financial  statements  should  be read in  conjunction  with the  financial
statements  and related notes in the Company's  1998 Annual Report on Form 10-K.
The results of operations for the interim period  presented are not  necessarily
indicative of the results to be expected for the full year.

2.  Common Stock Buy-Back Program

On March 7,  1997 the  Board of  Directors  of the  Company  authorized  a share
repurchase  program of up to 750,000 shares.  During 1998, the Company completed
the share  repurchase  program.  On September  17, 1998,  the Board of Directors
authorized a second share repurchase program of up to 750,000 shares,  which has
a term, of three years. Repurchases have been and will be made from time to time
in the open market or through privately negotiated transactions at market price.
During the first nine months of 1999, the Company  repurchased 307,500 shares of
stock for a total of  $1,078,900.  Under the second  program,  the  Company  has
repurchased a total of 402,850 shares.

3.  Disclosures about Segments of an Enterprise and Related Information

The Company and its subsidiaries  are principally  engaged in a variety of asset
management and related  services to retail  investors,  institutions and private
accounts.  The  Company  operates  in three  business  segments:  Mutual  Funds,
Institutional,  and  Private  Accounts.  The mutual  fund  segment,  through its
subsidiaries,  markets,  promotes,  and distributes  the Lexington  family of 15
mutual  funds  providing  a variety of  investment  choices.  The  institutional
segment for investment  management services includes  corporate,  government and
multi-employee pension plans,  charitable endowments and foundations,  insurance
company general accounts and defined  contribution and 401(k) plans. The private
account  segment  offers  equity,  fixed income and balanced fund  alternatives,
tailored to the individual investment objectives of its private clients.
<TABLE>
<S>                                           <C>           <C>             <C>           <C>             <C>

                                                 Mutual                       Private
Nine months ended September 30, 1999             Funds      Institutional     Accounts       Other           Total
------------------------------------             -----      -------------     --------       -----           -----

Revenue                                       $7,002,788     $3,133,037     $3,792,980      $81,831        $14,010,636

Salaries and other compensation                3,428,019      3,160,370      1,186,260            -          7,774,649
Selling and promotional                          215,792        259,708         88,608       34,841            598,949
Administrative and general                     1,973,492        925,237      2,175,088      276,799          5,350,616

Income (loss) before income taxes
     and minority interest                    $1,385,485    ($1,212,278)      $343,024    ($229,809)          $286,422

Nine months ended September 30, 1998
-------------------------------------
Revenue                                       $8,562,975     $2,787,344     $3,151,107      $12,434        $14,513,860

Salaries and other compensation                3,017,347      2,949,793        920,495            -          6,887,635
Selling and promotional                          474,745        188,392         71,197       40,697            775,031
Administrative and general                     2,468,202        970,405      2,244,155      200,266          5,883,028

Income (loss) before income taxes
     and minority interest                    $2,602,681    ($1,321,246)      ($84,740)   ($228,529)          $968,166



Three months ended September 30, 1999
-------------------------------------

Revenue                                          $2,357,448     $1,012,105     $1,330,059     $102,257         $4,801,869

Salaries and other compensation                   1,548,669      1,106,877        490,817            0          3,146,363
Selling and promotional                             106,007        118,469         42,496       12,834            279,806
Administrative and general                          737,294        311,500        720,773      152,903          1,922,470

Income (loss) before income taxes
     and minority interest                         ($34,522)     ($524,741)       $75,973     ($63,480)         ($546,770)

Three months ended September 30, 1998
-------------------------------------
Revenue                                          $2,500,385       $890,882     $1,109,833       $4,084         $4,505,184

Salaries and other compensation                     917,714        913,621        299,906            0          2,131,241
Selling and promotional                             195,149         40,656         24,046        9,507            269,358
Administrative and general                          741,553        308,073        768,866       72,099          1,890,591

Income (loss) before income taxes
     and minority interest                         $645,969      ($371,468)       $17,015     ($77,522)          $213,994

</TABLE>


Management  does not  evaluate  balance  sheet  assets  as a means  to  allocate
resources and assess performance.  The Company is domiciled in the United States
and does not have any international operations.





Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations.

Management's Discussion and Analysis contained in the Company's Annual Report on
Form 10-K for December 31, 1998 is  incorporated  herein by reference and should
be read in conjunction with the following.

Nine Months Ended September 30, 1999 and 1998
---------------------------------------------
The  consolidated  net income for the nine months ended  September  30, 1999 was
$0.1 million,  or $0.02 per share,  compared to $0.5 million, or $0.10 per share
for the first nine months of 1998.

Total assets under management at September 30, 1999 were even with September 30,
1998  at  $3.2   billion.   Mutual  fund  assets  under   management   decreased
approximately $0.2 billion to $1.5 billion from $1.7 billion in the year earlier
period. The decrease is mainly attributable to the termination of a sub-advisory
relationship  with one of the Company's larger accounts in the fourth quarter of
1998.  Assets under  management in this  relationship  were  approximately  $400
million.  Private account assets  increased $0.1 billion to $0.6 billion,  while
institutional assets also showed a $0.1 billion increase to $1.1 billion.

Year-to-date  revenues of $14.0 million are $0.5 million below last year. Mutual
fund revenues decreased $1.8 million from $8.6 million to $6.8 million.  Of this
decline,  $1.3  million  is a  result  of  the  termination  of  a  sub-advisory
relationship  with one of the Company's larger accounts in the fourth quarter of
1998. Also contributing to the decline are the Company's emerging markets funds,
which, compared to the prior year period,  experienced a decrease in average net
assets in an environment  of continuing  strength in the U.S.  capital  markets.
Other management fees shows a $0.9 million increase,  due to higher assets under
management in the private account and institutional  segments.  There was also a
$0.4  million  increase in other  income,  primarily  as a result of  unrealized
appreciation   of  $0.1  million  at  September   30,  1999  versus   unrealized
depreciation of $0.3 million at September 30, 1998.

Total  year-to-date  expenses  of $13.7  million  increased  $0.2  million  from
September  30, 1998.  The  increase is due to salaries  and other  compensation,
which increased $0.9 million to $7.8 million, as a result of expenses associated
with the  reorganization  of the firm's  Executive  Committee  and the resulting
restructuring of  responsibility  for the mutual fund group. In addition,  bonus
expense increased,  reflecting the increasingly  competitive environment for top
quality personnel. Offsetting the increase in salaries and other compensation is
a decrease in  administrative  and general expense (which decreased $0.5 million
to $5.4 million),  and selling and promotional  expenses  (which  decreased $0.2
million to $0.6 million). Administrative and general expenses declined primarily
due to lower  sub-advisory fees and trail  commissions,  reflecting lower assets
under management. Selling and promotional expenses decreased $0.2 million due to
lower advertising expenditures.

Income before taxes and minority  interest of  $0.3million is $0.7 million below
the $1.0 million  recorded in the first nine months of 1998.  The  provision for
state and federal  taxes  decreased to $0.1 million from $0.5 million due to the
decrease in taxable income.


Three Months Ended September 30, 1999 and 1998
----------------------------------------------
The  consolidated  net loss for the three  months ended  September  30, 1999 was
$299,043  or ($0.07)  per share,  compared to net income of $89,017 or $0.02 per
share for the third quarter of 1998.

Total revenues of $4.8 million are $0.3 million above the third quarter of 1998.
Other  management  fees increased $0.4 million,  which is associated with higher
assets under management in the private account and institutional segments. Other
income  increased   approximately   $0.1  million  as  a  result  of  unrealized
appreciation/(depreciation),  which was relatively  flat in the third quarter of
1999 versus  unrealized  depreciation  of $0.2  million in the third  quarter of
1998.  The  unrealized  appreciation/depreciation  stems from  investments  in a
number of the products  managed by the Company.  Mutual fund revenues  decreased
$0.2 million to $2.4 million  with the decline in assets  under  management.  Of
this  decline,  $0.4  million  is  due  to  the  termination  of a  sub-advisory
relationship.

The total expenses for the quarter of $5.3 million  increased $1.0 million,  due
entirely to salaries and other compensation,  which increased $1.0 million, as a
result of the restructuring costs and bonus increase referred to above.  Selling
and  promotional  fees  remained  level  at $0.3  million,  as did  general  and
administrative  expenses,  which  was at  $1.9  million.

The loss  before  tax and  minority  interest  amounted  to $0.5  million,  down
approximately  $0.7 million from the income before tax and minority  interest of
$0.2 million  recorded in the third quarter of 1998. The provision for state and
federal taxes  decreased  $0.4 million in the third quarter due to lower taxable
income.

Year 2000
---------
The Company,  like most  commercial  and financial  institutions,  is working to
ensure that its operating and processing  systems will,  along with those of its
service providers,  continue to function when the Year 2000 arrives. The Company
has developed  and  implemented  a  comprehensive  plan to prepare the Company's
computer  systems and applications for the Year 2000, as well as to identify and
address any other Year 2000  operational  issues  which may affect the  Company.
Progress  reports on the Company's Year 2000 program are presented  regularly to
the Company's Board of Directors and senior management.

The  Company's  Year  2000  program,  which  was  commenced  in June 1997 and is
administered  by internal  staff,  consists of the  following  three  components
relating to the Company's operations: (i) information technology ("IT") computer
systems and  applications  which may be impacted by the Year 2000 problem,  (ii)
non-IT  systems and equipment  which include  embedded  technology  which may be
impacted by the Year 2000  problem and (iii) third party  vendors with which the
Company has significant  relationships  which could adversely affect the Company
if such parties fail to be Year 2000 compliant.

The general  phases common to all three  components  of the Company's  Year 2000
program are: (1) Awareness  (the  identification  of the Year 2000 issues facing
the Company);  (2) Assessment (the  prioritization of the issues and the actions
to be taken); (3) Renovation  (implementation of the specific actions determined
upon assessment, including repair, modification or replacement of items that are
determined not to be Year 2000 compliant); (4) Validation (testing of the new or
modified  information  systems,  other systems, and equipment to verify the Year
2000  readiness);  (5)  Implementation  (actual  operation  of such  systems and
equipment and, if necessary,  the actual implementation of any contingency plans
in the event Year 2000 problems occur,  notwithstanding the Company's renovation
program).

The Company has completed the awareness, assessment,  renovation, and validation
phases  related to all  internal  and  external  systems  that have been  deemed
mission  critical.  The  renovation  phase  involved the  replacement of certain
systems with  purchased  software,  the  renovation  of other  systems,  and the
purchase  of  certain  hardware  and other  devices,  all of which are Year 2000
compliant.   The  validation  phase  related  to  these  applications  has  been
completed. The implementation phase has begun and will continue to be an ongoing
task.  Excluding normal system upgrades,  the Company estimates that total costs
for conversion and testing of new or modified IT systems and  applications  will
aggregate  approximately  $174,000,  of which an  aggregate of $127,000 has been
incurred to date.

The Company is keeping  apprised of the  progress of outside  vendors'  plans to
become Year 2000 compliant. All outside vendors are in the implementation phase.

The Company is deemed  generally  compliant  with all mission  critical  systems
validated for Year 2000 readiness.  The Company has a contingency plan in place.
Testing and validation of the contingency plan will continue through year-end.

Although the Company believes it is adequately  addressing its Year 2000 issues,
the  failure  to  correct  a  material  Year  2000  problem  could  result in an
interruption  in,  or a  failure  of,  certain  normal  business  activities  or
operations.  Such  failure  could  materially  affect the  Company's  results of
operations, liquidity and financial condition.

Effects of Inflation
--------------------
The Company does not believe that inflation has had a significant  impact on the
operations of the Company to date.  The Company's  assets  consist  primarily of
cash and  investments,  which are  monetary  in nature.  However,  to the extent
inflation results in rising interest rates with the attendant adverse effects on
the securities  markets and on the values of  investments  held in the Company's
accounts,  inflation may adversely affect the Company's  financial  position and
results of operations. Inflation also may result in increased operating expenses
(primarily  personnel-related  costs) that may not be readily recoverable in the
fees charged by the Company.


Liquidity and Financial Condition
---------------------------------
The  Company's   business  typically  does  not  require   substantial   capital
expenditures.  The most  significant  investments  are in technology,  including
computer equipment.

Historically,  the  Company  has been  cash  self-sufficient.  Cash  flows  from
operations have ranged between inflows of $3.7 million and $1.5 million over the
past three years.  In the first nine months of 1999 the Company had cash inflows
from  operations of $2.1  million.  The major source of this cash inflow was the
liquidation  of a  portion  of the  Company's  trading  securities  and  from an
increase in accounts payable and accrued expenses.

Net cash from investing  activities  has ranged between  inflows of $0.5 million
and outflows of $0.3  million  over the past three years.  Outflows of cash from
investing  activities were just marginally  negative in the first nine months of
1999 reflecting the purchase of computer equipment.

Cash flows from financing  activities have been  consistently  negative over the
past three years. The principal use of cash in financing activities has been the
repurchase of the Company's stock under the previously  announced stock buy-back
programs.  On March 7, 1997 the  Company  announced a share  repurchase  program
under which the Company may  repurchase  up to 750,000  shares of its stock from
time to time in the open market or through privately negotiated  transactions at
market prices.  During 1998, the Company completed the share repurchase program.
On  September  17,  1998,  the  Board of  Directors  authorized  a second  share
repurchase  program of up to 750,000  shares,  which has a term of three  years.
Through December 31, 1998, the Company  repurchased  845,350 shares of its stock
for a total of  $4,634,244.  In the  first  nine  months  of 1999,  the  Company
purchased 307,500 shares of its stock for a total of $1,078,900. The Company may
in the future issue debt  securities  or  preferred  stock or enter into loan or
other agreements that restrict the payment of dividends on and repurchase of the
Company's capital stock.

Historically,  the Company has maintained a substantial  amount of liquidity for
purposes of meeting regulatory  requirements and potential business demands.  At
September  30, 1999 the Company had $9.5  million of cash and cash  equivalents.
Management  believes  the  Company's  cash  resources,  plus  cash  provided  by
operations,  is  sufficient  to  meet  the  Company's  foreseeable  capital  and
liquidity  requirements.  As a result  of the  holding  company  structure,  the
Company's  cash flows will depend  primarily on  dividends or other  permissible
payments from its subsidiaries.  The Company has no standby  lines-of-credit  or
other similar arrangements.

LFD,  as  a  registered  broker-dealer,   had  federal  and  state  net  capital
requirements at September 30, 1999 of $25,000.  The aggregate net capital of LFD
was $0.3 million at September 30,1999.

Stockholders'  equity on September 30, 1999  decreased to $8.4 million from $8.9
million at December 31, 1998 primarily as a result of the Company's  purchase of
treasury shares.

Management  believes that the Company's  liquid assets and its net cash provided
by operations will enable it to meet any foreseeable cash requirements.

Forward Looking Statements
--------------------------
Some of the statements included within Management's  Discussion and Analysis may
be  considered  to be forward  looking  statements  which are subject to certain
risks and uncertainties.  Factors which could cause the actual results to differ
materially  from those  suggested by such  statements are described from time to
time in the  Company's  Annual  Report on Form 10-K and other  filings  with the
Securities and Exchange Commission.


Part II.  Other Information

Item 1.  Legal Proceedings

     None

Item 6. Exhibits and Reports on Form 8-K

   (a)      List of Exhibits
No.  27  Financial  Data  Schedule  (filed  with  the  Securities  and  Exchange
Commission)

Other Items under Part II have been  omitted  since they are either not required
or are not applicable.


                                   SIGNATURES

         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: 11-12-99