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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 3/31/99
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one):
|_| is a restatement.
|_| adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: KBW Asset Management, Inc.
Address: Two World Trade Center, 85th Floor
New York, New York 10048
Form 13F File Number: 28-
The institutional investment manager filing this report and the person
by whom it is signed hereby represent that the person signing the
report is authorized to submit it, that all information contained
herein is true, correct and complete, and that it is understood that
all required items, statements, schedules, lists, and tables, are
considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Reporting Manager:
Name: Michael T. O'Brien
Title: President
Phone: 212-432-4502
Signature, Place, and Date of Signing:
Michael T. O'Brien
[Signature]
New York, New York
[City, State]
June 30, 1999
[Date]
Report Type (Check only one):
|X| 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
|_| 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting managers(s).)
|_|13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)
<PAGE>
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 197
Form 13F Information Table Value Total: $192,326 (thousands)
List of Other Included Managers: None
<PAGE>
<TABLE>
<CAPTION>
===================================================================================================================================
VALUE SHARES/ SH/ PUT/ INVSTMT ----VOTING AUTHORITY----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
<S> <C> <C> <C> <C> <C> <C> <C>
ACM INSTITUTIONAL RESERVES COM A000156 13591 13591572 59 SOLE X
ACM INSTITUTIONAL RESERVES COM A000156 5514 5514427 56 SOLE X
ASSOCIATED BANC CORP COM 45487105 319 10000 SOLE X
ASSOCIATED BANC CORP COM 45487105 2666 83468 SOLE X
ASSOCIATED BANC CORP COM 45487105 319 10000 SOLE X
ASTORIA FINANCIAL CORP COM 46265104 4544 90875 SOLE X
BANK ONE CORP COM 06423A103 1046 19000 SOLE X
BANK ONE CORP COM 06423A103 1249 22680 SOLE X
BANK ONE CORP COM 06423A103 5479 99500 SOLE X
BANK ONE CORP COM 06423A103 793 14400 SOLE X
BANKBOSTON CORP COM 06605R106 3396 78400 SOLE X
CALIFORNIA FEDERAL BANK-A FSB COM 130209703 112 9700 SOLE X
SUNTRUST BK JAN 40 PSE 8679601AH 106 42 CALL SOLE X
SUNTRUST BK JAN 40 PSE 8679601AH 71 28 CALL SOLE X
BANK ONE CP JAN 65 PSE 0642310AM -28 -80 CALL SOLE X
BANK ONE CP JAN 65 PSE 0642310AM -21 -60 CALL SOLE X
COMPASS BANC JUL 35 PSE 20449H9GG -5 -20 CALL SOLE X
MBNA CORP JAN 26.625 55263M0AZ -31 -62 CALL SOLE X
MBNA CORP JAN 26.625 55263M0AZ -21 -41 CALL SOLE X
MELLON BANK SEP 75 585509910 -23 -60 CALL SOLE X
MELLON BANK SEP 75 585509910 -16 -40 CALL SOLE X
PNC BANK CP JAN 60 69348K0AL -46 -125 CALL SOLE X
SOVEREIGN BA JAN 12.5 84603V0AV -5 -25 CALL SOLE X
SOVEREIGN BA JAN 12.5 84603V0AV -5 -25 CALL SOLE X
US BANCORP JAN 35 90390A0AG -20 -40 CALL SOLE X
US BANCORP JAN 35 90390A0AG -55 -110 CALL SOLE X
CAPITAL ONE FINANCIAL CORP COM 14040H105 755 5000 SOLE X
<PAGE>
CCB FINANCIAL CORP COM 124875105 541 10000 SOLE X
CHARTER ONE FINANCIAL INC COM 16093100 6413 222207 SOLE X
CITY NATIONAL CORP COM 178566105 202 6550 SOLE X
CITY NATIONAL CORP COM 178566105 270 8750 SOLE X
CITY NATIONAL CORP COM 178566105 895 29000 SOLE X
CITY NATIONAL CORP COM 178566105 139 4500 SOLE X
COLONIAL BANCGROUP INC COM 195493309 180 15000 SOLE X
COLONIAL BANCGROUP INC COM 195493309 1360 113300 SOLE X
COLONIAL BANCGROUP INC COM 195493309 323 26900 SOLE X
COMERICA INC COM 200340107 2182 34950 SOLE X
COMMERCIAL FEDERAL CORP COM 201647104 445 19200 SOLE X
COMMERCIAL FEDERAL CORP COM 201647104 557 24000 SOLE X
COMMERCIAL FEDERAL CORP COM 201647104 1591 68600 SOLE X
COMMERCIAL FEDERAL CORP COM 201647104 148 6400 SOLE X
COMMUNITY FIRST BANKSHARES INC COM 203902101 1170 58500 SOLE X
COMPASS BANCSHARES INC COM 20449H109 690 20000 SOLE X
COMPASS BANCSHARES INC COM 20449H109 2743 79500 SOLE X
COMPASS BANCSHARES INC COM 20449H109 304 8800 SOLE X
CULLEN FROST BANKERS INC COM 229899109 451 9400 SOLE X
CULLEN FROST BANKERS INC COM 229899109 479 10000 SOLE X
CULLEN FROST BANKERS INC COM 229899109 5153 107500 SOLE X
CULLEN FROST BANKERS INC COM 229899109 278 5800 SOLE X
DIME BANCORP INC COM 25429Q102 2898 125000 SOLE X
FIRST AMERICAN CORP-TENN COM 318900107 505 13700 SOLE X
FIRST AMERICAN CORP-TENN COM 318900107 922 25000 SOLE X
FIRST AMERICAN CORP-TENN COM 318900107 3688 100000 SOLE X
FIRST AMERICNA CORP-TENN COM 318900107 516 14000 SOLE X
FIRST ESSEX BANCORP INC W/RTS COM 320103104 1081 71800 SOLE X
FIRST ESSEX BANCORP INC W/RTS COM 320103104 393 26100 SOLE X
FIRST MIDWEST BANCORP INC-DEL COM 320867104 1140 30000 SOLE X
FIRST MIDWEST BANCORP INC-DEL COM 320867104 532 14000 SOLE X
<PAGE>
FIRST SECURITY CORP-DEL COM 336294103 4394 227500 SOLE X
FIRST SECURITY CORP-DEL COM 336294103 66 3400 SOLE X
FIRST UNION CORP COM 337358105 735 13750 SOLE X
FIRST UNION CORP COM 337358105 874 16350 SOLE X
FIRST UNION CORP COM 337358105 2 30 SOLE X
FIRST UNION CORP COM 337358105 652 12200 SOLE X
FIRSTAR CORP WIS-NEW COM 33763V109 3401 38000 SOLE X
GOLDEN STATE BANCORP INC COM 381197102 2225 100000 SOLE X
GOLDEN WEST FINANCIAL CORP-DEL COM 381317106 1433 15000 SOLE X
GREENPOINT FINANCIAL CORP COM 395384100 7423 213600 SOLE X
HAVEN BANCORP INC COM 419352109 2559 195000 SOLE X
HUBCO INC COM 404382103 3062 91232 SOLE X
IMPERIAL BANCORP COM 452556103 1988 116100 SOLE X
INVESTORS FINANCIAL SERVICES COM 461915100 518 18010 SOLE X
INVESTORS FINANCIAL SERVICES COM 461915100 359 12500 SOLE X
INVESTORS FINANCIAL SERVICES COM 461915100 3423 119050 SOLE X
INVESTORS FINANCIAL SERVICES COM 461915100 237 8240 SOLE X
KEYCORP NEW COM 493267108 455 15000 SOLE X
KEYCORP NEW COM 493267108 909 30000 SOLE X
KEYCORP NEW COM 493267108 3801 125400 SOLE X
KEYCORP NEW COM 493267108 364 12000 SOLE X
M & T BANK CORP COM COM 55261F104 618 1290 SOLE X
M & T BANK CORP COM COM 55261F104 589 1230 SOLE X
M & T BANK CORP COM COM 55261F104 1963 4099 SOLE X
M & T BANK CORP COM COM 55261F104 244 510 SOLE X
MAF BANCORP INC COM 55261R108 2142 96250 SOLE X
MBNA CORP COM 55262L100 222 9300 SOLE X
MBNA CORP COM 55262L100 358 15000 SOLE X
MBNA CORP COM 55262L100 148 6200 SOLE X
MECH FINANCIAL INC COM 583492103 63 2000 SOLE X
MECH FINANCIAL INC COM 583492103 63 20000 SOLE X
<PAGE>
MEDFORD BANCORP INC COM 584131106 2176 136000 SOLE X
MELLON BANK CORP COM 585509102 845 12000 SOLE X
MELLON BANK CORP COM 585509102 563 8000 SOLE X
MELLON BANK CORP COM 585509102 563 8000 SOLE X
MERCANTILE BANCORPORATION INC COM 587342106 713 15000 SOLE X
MERCANTILE BANKSHARES CORP COM 587405101 777 21000 SOLE X
NATIONAL COMMERCE BANCORPORATN COM 635449101 2988 131000 SOLE X
NEW ENGLAND COMMUNITY BANCORP. COM 643890106 101 5000 SOLE X
NORTH FORK BANCORPORATION INC COM 659424105 3749 177475 SOLE X
PEOPLES HERITAGE FINL GROUP COM 711147108 423 23500 SOLE X
PEOPLES HERITAGE FINL GROUP COM 711147108 828 46000 SOLE X
PEOPLES HERITAGE FINL GROUP COM 711147108 2250 125000 SOLE X
PEOPLES HERITAGE FINL GROUP COM 711147108 720 40000 SOLE X
PNC FINANCIAL CORP COM 693475105 833 15000 SOLE X
PNC FINANCIAL CORP COM 693475105 695 12500 SOLE X
PRIME BANCSHARES INC-TEX COM 74157H108 712 50200 SOLE X
PRIME BANCSHARES INC-TEX COM 74157H108 255 18000 SOLE X
BANK ONE CP MAY 50 06423A9QJ -10 -100 PUT SOLE X
CAPITAL ONE APR 130 14040H9PF *0 -20 PUT SOLE X
CAPITAL ONE APR 130 14040H9PF *0 -10 PUT SOLE X
CAPITAL ONE JUN 110 14040H9RB -2 -20 PUT SOLE X
CAPITAL ONE JUN 110 14040H9RB -1 -13 PUT SOLE X
CAPITAL ONE SEP 115 14040H9UC -15 -30 PUT SOLE X
CAPITAL ONE SEP 115 14040H9UC -11 -22 PUT SOLE X
CAPITAL ONE SEP 120 14040H9UD -25 -39 PUT SOLE X
CAPITAL ONE SEP 120 14040H9UD -8 -13 PUT SOLE X
CAPITAL ONE SEP 125 14040H9UE -9 -6 PUT SOLE X
CAPITAL ONE SEP 125 14040H9UE -6 -4 PUT SOLE X
- --------
* Fair market values reported as 0 may have a value of less than 499.
<PAGE>
CAPITAL ONE SEP 40 14040H9UH -22 -17 PUT SOLE X
CAPITAL ONE SEP 40 14040H9UH -15 -11 PUT SOLE X
CMNWL TH BANC AUG 15 20268X9TC -20 -150 PUT SOLE X
COLONIAL BAN SEP 12.5 1954939UV -17 -100 PUT SOLE X
COMM FED GR JUN 22.5 2016479RX -13 -125 PUT SOLE X
CULLEN FROST JUN 50 2298999RJ -16 -45 PUT SOLE X
CULLEN FROST JUN 50 2298999RJ -11 -30 PUT SOLE X
FIRST AMERN APR 40 3189009PH -18 -50 PUT SOLE X
FIRST AMERN JUN 35 3189009RG -26 -128 PUT SOLE X
FIRST AMERN JUN 35 3189009RG -8 -42 PUT SOLE X
FIRST AMERN MAY 40 3189009QH -48 -109 PUT SOLE X
FIRST AMERN MAY 40 3189009QH -16 -37 PUT SOLE X
FIRST SEC SEP 20 3362949UD -26 -120 PUT SOLE X
FIRST SEC SEP 20 3362949UD -15 -70 PUT SOLE X
FIRST UNION JUL 55 3373589SK -35 -83 PUT SOLE X
FIRST UNION JUL 55 3373589SK -11 -26 PUT SOLE X
GOLDEN STATE JUL 17.5 3811979SW -21 -260 PUT SOLE X
GOLDEN STATE JUL 17.5 3811979SW -7 -80 PUT SOLE X
KEYCORP NEW APR 32.5 4932679PZ -5 -20 PUT SOLE X
KEYCORP NEW JUN 30 4932679RF -111 -74 PUT SOLE X
KEYCORP NEW JUN 30 4932679RF -7 -49 PUT SOLE X
KEYCORP NEW JUN 32.5 4932679RF -18 -60 PUT SOLE X
KEYCORP NEW SEP 32.5 4932679UZ -15 -42 PUT SOLE X
MBNA CORP JUN 22.5 55262L9RX -26 -199 PUT SOLE X
MBNA CORP JUN 22.5 55262L9RX -9 -66 PUT SOLE X
MBNA CORP SEP 22.5 55262L9UX -20 -105 PUT SOLE X
MBNA CORP SEP 25 55262L9UE -32 -100 PUT SOLE X
MBNA CORP SEP 25 55262L9UE -19 -60 PUT SOLE X
PEOPLES HERI MAY 17.5 7111479QW -10 -120 PUT SOLE X
PNC BANK CP MAY 47.5 6934758QW -1 -44 PUT SOLE X
PNC BANK CP MAY 50 6934759QJ -5 -82 PUT SOLE X
<PAGE>
SUMMIT BANC APR 37.5 8660059PU -4 -115 PUT SOLE X
SUMMIT BANC APR 37.5 8660059PU -1 -40 PUT SOLE X
SUMMIT BANC APR 40 8660059PH -9 -54 PUT SOLE X
SUMMIT BANC APR 40 8660059PH -6 -36 PUT SOLE X
SUMMIT BANC JUL 40 8660059SH -16 -56 PUT SOLE X
SUMMIT BANC JUL 40 8660059SH -10 -37 PUT SOLE X
SUNTRUST BK APR 65 8679149PM -12 -33 PUT SOLE X
SUNTRUST BK JUL 70 8679149SN -27 -32 PUT SOLE X
U S BANCORP JAN 30 90390A0MF -6 -20 PUT SOLE X
US BANCORP JUN 30 9029739RF -13 -146 PUT SOLE X
US BANCORP SEP 35 9029739UG -81 -205 PUT SOLE X
QUEENS COUNTY BANCORP INC COM 748242104 5468 202500 SOLE X
RELIANCE BANCORP INC COM 759451107 86 3000 SOLE X
RELIANCE BANCORP INC COM 759451107 288 10000 SOLE X
RELIANCE BANCORP INC COM 759451107 3163 110000 SOLE X
RELIANCE BANCORP INC COM 759451107 518 18000 SOLE X
RTS COAST FEDERAL LITIGATION COM 19034Q110 647 109000 SOLE X
SEACOAST FINANCIAL SERVICES COM 81170Q106 1679 170000 SOLE X
SEACOAST FINANCIAL SERVICES COM 81170Q106 286 29000 SOLE X
SOVEREIGN BANCORP INC COM 845905108 245 20000 SOLE X
SOVEREIGN BANCORP INC COM 845905108 613 50000 SOLE X
SOVEREIGN BANCORP INC COM 845905108 3810 311040 SOLE X
SOVEREIGN BANCORP INC COM 845905108 490 40000 SOLE X
ST PAUL BANCORP INC COM 792848103 325 15000 SOLE X
STATEN ISLAND BANCORP COM 857550107 1031 60000 SOLE X
SUMMIT BANCORP COM 866005101 390 10000 SOLE X
SUMMIT BANCORP COM 866005101 897 23000 SOLE X
SUMMIT BANCORP COM 866005101 2113 54168 SOLE X
SUMMIT BANCORP COM 866005101 137 3500 SOLE X
SUNTRUST BANKS INC COM 867914103 60 960 SOLE X
SUPERIOR FINANCIAL CORP COM 868159104 205 20000 SOLE X
<PAGE>
SUPERIOR FINANCIAL CORP COM 868159104 205 20000 SOLE X
U S BANCORP-DEL COM 902973106 273 8000 SOLE X
U S BANCORP-DEL COM 902973106 852 25000 SOLE X
U S BANCORP-DEL COM 902973106 1192 35000 SOLE X
U S BANCORP-DEL COM 902973106 783 23000 SOLE X
U S T CORP COM 902900109 7935 363250 SOLE X
U S TRUST CORP COM USTC 252 3400 SOLE X
U S TRUST CORP COM USTC 408 5500 SOLE X
UNION PLANTERS CORP COM 908068109 4460 101500 SOLE X
VERMONT FINANCIAL SERVICES COM 924180102 2881 10200 SOLE X
WASHINGTON MUTUAL INC COM 939322103 3845 94065 SOLE X
WEBSTER FINANCIAL CORP COM 947890109 2572 89080 SOLE X
WELLS FARGO & CO-NEW COM 949746101 351 10000 SOLE X
WESTERN BANCORP COM 957683105 557 18000 SOLE X
WESTERN BANCORP COM 957683105 773 25000 SOLE X
WESTERN BANCORP COM 957683105 2388 77200 SOLE X
WESTERN BANCORP COM 957683105 248 8000 SOLE X
WTS GOLDEN STATE BANCORP INC COM 381197136 368 76000 SOLE X
=================================================================================================================================
</TABLE>
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