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UNITED STATES
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) May 27, 1997
NEW ENGLAND INVESTMENT COMPANIES, L.P.
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(Exact name of registrant as specified in its charter)
Delaware 1-9468 13-3405992
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
399 Boylston Street, Boston, Massachusetts 02116
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 578-3500
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ITEM 5. OTHER EVENTS
On May 27, 1997, New England Investment Companies, L.P. announced that it
has entered into an agreement relating to the acquisition of certain assets and
the assumption of certain of the liabilities of Snyder Capital Management, Inc.,
a San Francisco, California-based investment management company with over $1
billion in assets under management. A copy of the news release issued in
connection with this agreement is included herewith as an exhibit to this
report.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Businesses Acquired. Not required.
(b) Pro Forma Financial Information. Not required.
(c) Exhibits.
99.1 Copy of News Release issued by New England Investment Companies,
L.P., on May 27, 1997.
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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 thereupon duly authorized.
NEW ENGLAND INVESTMENT COMPANIES, L.P.
By: New England Investment Companies, Inc.,
its general partner
Date: May 27, 1997 By: /s/ Edward N. Wadsworth
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Edward N. Wadsworth
Executive Vice President
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EXHIBIT 99.1
NEW
ENGLAND
INVESTMENT
COMPANIES, L.P.
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact: Laurence J. Dwyer 617/578-1686
Margaret-Ellen Clough 617/578-1884
NEW ENGLAND INVESTMENT COMPANIES TO ACQUIRE SNYDER CAPITAL MANAGEMENT
BOSTON (May 27, 1997) -- New England Investment Companies, L.P. announced
today that it has signed an agreement to acquire Snyder Capital Management,
Inc., one of the top investment managers of small cap equities with more than $1
billion in assets under management. Following the completion of the
acquisition, New England Investment Companies will have approximately $104
billion in assets under management.
Founded in 1984, Snyder Capital uses a bottom-up, value-oriented investment
style that focuses primarily on companies with market capitalizations of between
$200 million and $2 billion. The firm, which manages assets for endowments,
foundations, corporations and high net worth individuals, will continue to
operate out of its San Francisco offices.
"Snyder Capital Management will be a great addition to our family of elite
money managers," said Peter S. Voss, Chairman and Chief Executive Officer of New
England Investment Companies. "Alan and his management team will round out our
roster of small cap managers at Harris Associates, Jurika & Voyles, Loomis
Sayles, Reich & Tang and Westpeak Advisors and expand our capabilities in an
asset class that we feel will be of growing importance to institutional and
individual investors."
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During the last 12 years, Snyder Capital has achieved one of the best
investment records in the investment management industry, ranking high in the
top ten percent of institutional money managers for 5 and 10-years," Mr. Voss
added. "Its excellent investment performance has enabled it to attract many new
clients and more than double its assets under management in the last two years.
"Our partnership with New England Investment Companies is a great fit for
both firms," said Alan B. Snyder, President and Chief Executive Officer of
Snyder Capital. "We believe that its corporate philosophy of independence and
autonomy for its affiliates will enable us to continue to provide our clients
with strong, disciplined portfolio management and excellent personal service.
After the transaction is completed, we plan to work closely with Peter Voss and
his team to take advantage of the tremendous resources at New England Investment
Companies to better serve our clients."
New England Investment Companies is a limited partnership with
approximately $103 billion in assets under management. The firm is comprised of
13 subsidiaries, divisions and affiliates offering a wide array of investment
styles and products to institutional and individual clients. Its business units
include AEW Capital Management; Back Bay Advisors; Graystone Partners; Harris
Associates; Jurika & Voyles; Loomis, Sayles & Co.; New England Funds; New
England Investment Associates; Reich & Tang Capital Management; Reich & Tang
Funds; Vaughan, Nelson, Scarborough & McConnell; Westpeak Investment Advisors;
and New England Investment Companies' affiliate, Capital Growth Management.
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Snyder Capital Management, Inc.
o Established in 1984
o Headquartered in San Francisco
o Alan B. Snyder, President and Chief Executive Officer
o Manages $1 billion in assets for institutional and high net
worth clients in both equity and balanced portfolios
o Uses bottom up, value oriented style to invest primarily in
companies with market capitalizations of $200 million to $2
billion
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New England Investment Companies, L.P.
o A limited partnership listed on the New York Stock Exchange with the symbol
NEW
o Headquartered in Boston
o $103 Billion in assets under management
o $66.5 Billion in institutional accounts, primarily pension and other tax
exempt accounts
o $27.2 Billion in mutual funds
o $9.3 Billion in individual accounts
o 24 load mutual funds and 10 variable annuity funds offered by New England
Funds
o 16 money market funds and 2 equity mutual funds managed by Reich & Tang and
marketed primarily through regional brokers and banks, often under their own
names
o 5 no-load mutual funds managed by Capital Growth Management
o 6 no-load mutual funds managed by Harris Associates
o 17 no-load mutual funds offered by Loomis, Sayles & Company
o 3 no-load mutual funds managed by Jurika & Voyles
o 1,317 employees
o Its subsidiaries and affiliates include:
AEW Capital Management
Back Bay Advisors
Graystone Partners
Harris Associates
Jurika & Voyles
Loomis, Sayles & Company
New England Funds
New England Investment Associates
Reich & Tang Capital Management
Reich & Tang Funds
Vaughan, Nelson, Scarborough & McConnell
Westpeak Investment Advisors
Capital Growth Management, Limited Partnership (an affiliate)
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