<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 1
KAYE GROUP INC.
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
486589 10 4
(CUSIP Number)
Douglas A. Brown Glen E. Hess, P.C.
ZS Pubco I L.P. Kirkland & Ellis
One Windward Lane 153 East 53rd Street
Stamford, CT 06903 New York, NY 10022
(212) 398-6200 (212) 446-4800
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 5, 1999
(Date of Event which Requires
Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box: [ ]
Check the following box if a fee is being paid with this statement: [ ]
(Continued on following pages)
(Page 1 of 9)
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CUSIP No. 486589-10-4 Page 2 of 9
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1) Name of Reporting Person ZS Pubco I L.P.
S.S. or I.R.S. Identification No. of Above Person 22-3644654
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2) Check the Appropriate Box if a (a) [ ]
Member of a Group (b) [x]
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3) SEC Use Only
- --------------------------------------------------------------------------------
4) Source of Funds OO
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal [ ]
Proceedings is Required Pursuant
to Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6) Citizenship or Place of Delaware
Organization
- --------------------------------------------------------------------------------
Number of Shares 7) Sole Voting Power 1,129,242 shares of Common
Beneficially Owned Stock, $.01 par value
by Each Reporting
Person With: 8) Shared Voting Power -0-
9) Sole Dispositive Power 1,129,242 shares of Common
Stock, $.01 par value
10) Shared Dispositive Power -0-
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11) Aggregate Amount Beneficially Owned by Each 1,129,242 shares of Common
Reporting Person Stock, $.01 par value
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12) Check if the Aggregate Amount in Row (11) Excludes [ ]
Certain Shares
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13) Percent of Class Represented by Amount in Row (11) 13.4%
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14) Type of Reporting Person PN
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CUSIP No. 486589-10-4 Page 3 of 9
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1) Name of Reporting Person ZS Pubco I L.L.C.
S.S. or I.R.S. Identification No. of Above Person 22-3644652
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2) Check the Appropriate Box if a (a) [ ]
Member of a Group (b) [x]
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3) SEC Use Only
- --------------------------------------------------------------------------------
4) Source of Funds OO
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal [ ]
Proceedings is Required Pursuant
to Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6) Citizenship or Place of Delaware
Organization
- --------------------------------------------------------------------------------
Number of Shares 7) Sole Voting Power 1,129,242 shares of Common
Beneficially Owned Stock, $.01 par value
by Each Reporting
Person With: 8) Shared Voting Power -0-
9) Sole Dispositive Power 1,129,242 shares of Common
Stock, $.01 par value
10) Shared Dispositive Power -0-
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11) Aggregate Amount Beneficially Owned by Each 1,129,242 shares of Common
Reporting Person Stock, $.01 par value
- --------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes [ ]
Certain Shares
- --------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) 13.4%
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14) Type of Reporting Person OO
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<PAGE> 4
CUSIP No. 486589-10-4 Page 4 of 9
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1) Name of Reporting Person Robert A. Horne
S.S. or I.R.S. Identification No. of Above Person
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2) Check the Appropriate Box if a (a) [ ]
Member of a Group (b) [x]
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3) SEC Use Only
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4) Source of Funds OO
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5) Check if Disclosure of Legal [ ]
Proceedings is Required
Pursuant to Items 2(d) or 2(e)
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6) Citizenship or Place of United States of America
Organization
- --------------------------------------------------------------------------------
Number of Shares 7) Sole Voting Power 19,168 shares of Common
Beneficially Owned Stock, $.01 par value
by Each Reporting
Person With: 8) Shared Voting Power 1,137,880 shares of Common
Stock, $.01 par value
9) Sole Dispositive Power 19,168 shares of Common
Stock, $.01 par value
10) Shared Dispositive Power 1,137,880 shares of Common
Stock, $.01 par value
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11) Aggregate Amount Beneficially Owned by Each 1,157,048 shares of Common
Reporting Person Stock, $.01 par value
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12) Check if the Aggregate Amount in Row (11) Excludes [ ]
Certain Shares
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13) Percent of Class Represented by Amount in Row (11) 13.7%
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14) Type of Reporting Person IN
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CUSIP No. 486589-10-4 Page 5 of 9
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1) Name of Reporting Person Douglas A. Brown
S.S. or I.R.S. Identification No. of Above Person
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2) Check the Appropriate Box if a (a) [ ]
Member of a Group (b) [x]
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3) SEC Use Only
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4) Source of Funds OO
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5) Check if Disclosure of Legal [ ]
Proceedings is Required
Pursuant to Items 2(d) or 2(e)
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6) Citizenship or Place of United States of America
Organization
- --------------------------------------------------------------------------------
Number of Shares 7) Sole Voting Power 16,776 shares of Common
Beneficially Owned Stock, $.01 par value
by Each Reporting
Person With: 8) Shared Voting Power 1,129,242 shares of Common
Stock, $.01 par value
9) Sole Dispositive Power 16,776 shares of Common
Stock, $.01 par value
10) Shared Dispositive Power 1,129,242 shares of Common
Stock, $.01 par value
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11) Aggregate Amount Beneficially Owned by Each 1,146,018 shares of Common
Reporting Person Stock, $.01 par value
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12) Check if the Aggregate Amount in Row (11) Excludes [ ]
Certain Shares
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13) Percent of Class Represented by Amount in Row (11) 13.6%
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14) Type of Reporting Person IN
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CUSIP No. 486589-10-4 Page 6 of 9
Schedule 13D
This Amendment No. 1 amends and supplements the Statement on Schedule 13D
(the "Schedule 13D") filed on behalf of ZS Pubco I L.P. (the "Partnership"), ZS
Pubco I L.L.C. (the "G.P."), Robert A. Horne and Douglas A. Brown relating to
the common stock, par value $.01 per share (the "Common Stock"), of Kaye Group
Inc. (the "Issuer"). Capitalized terms used and not defined in this Amendment
have the meanings set forth in the Schedule 13D. As disclosed in the Schedule
13D, on May 10, 1999 the Partnership entered into an agreement to purchase
375,215 shares of Common Stock, subject to regulatory approval (the "Additional
Shares"). Such approval has since been received and the purchase of the
Additional Shares was completed on August 5, 1999. Item 5 of the Schedule 13D
is hereby amended and restated in its entirety as follows:
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CUSIP No. 486589-10-4 Page 7 of 9
Item 5. Interest in Securities of the Issuer.
(a) The following information is based upon 8,441,435 shares of Common
Stock outstanding and assumes acquisition of the Acquired Shares but not the
Additional Shares:
(i) The Partnership directly owns 1,129,242 shares of Common
Stock, or 13.4% of the Common Stock outstanding. In addition, the
Partnership holds a 12% limited partnership interest in Kaye
Investments, L.P., which owns 2,216,140 shares of Common Stock.
However, the Partnership does not have the power to vote or dispose of
any shares held by Kaye Investments, L.P. and disclaims beneficial
ownership of such shares of Common Stock.
(ii) By virtue of its position as general partner of the
Partnership, the GP may be deemed to possess indirect beneficial
ownership of the Common Stock beneficially owned by the Partnership.
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CUSIP No. 486589-10-4 Page 8 of 9
(iii) Mr. Horne directly owns 19,168 shares of Common Stock,
or approximately 0.2% of the Common Stock outstanding. In addition, The
ZS Fund L.P., a Delaware limited partnership of which Mr. Horne is a
managing partner, owns 8,638 shares of Common Stock, representing less
than 1% of the Common Stock outstanding. Accordingly, he may be deemed
to possess indirect beneficial ownership of the Common Stock held by
The ZS Fund L.P. Further, by virtue of his role as a managing member of
the GP, Mr. Horne may be deemed to possess indirect beneficial
ownership of the Common Stock beneficially owned by the Partnership.
(iv) Mr. Brown directly owns 16,776 shares of Common Stock, or
approximately 0.2% of the Common Stock outstanding. In addition, by
virtue of his role as a managing member of the GP, Mr. Brown may be
deemed to possess indirect beneficial ownership of the Common Stock
beneficially owned by the Partnership.
(b) For each person described in Item 5(a), the number of shares as to
which there is sole power to vote or to direct the vote, shared power to vote or
to direct the vote, or sole or shared power to dispose or to direct the
disposition, is shown on the pages constituting the second part of the cover
page. The power to vote or to direct the vote, and to dispose of or direct the
disposition of, the 1,129,242 shares owned by the Partnership is shared by the
managing members of the GP. The managing members of the GP are Mr. Horne and
Brown. No Reporting Person has voting or dispositive power over the shares
indirectly owned by the Partnership through a limited partnership interest in
Kaye Investments, L.P. that it expects to acquire.
(g) None of the Reporting Persons has effected any transactions in
Common Stock during the past 60 days except as described herein.
(h) No other person is known to have the right to receive or the power
to direct the receipt of dividends from, or the proceeds from the sale of, the
shares of Common Stock beneficially owned by the persons reported above.
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CUSIP No. 486589-10-4 Page 9 of 9
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: August 16, 1999
ZS PUBCO I L.P.
By: ZS Pubco I L.L.C., its General Partner
By: /s/ Douglas A. Brown
__________________________________
Name: Douglas A. Brown
Title: Manager
ZS PUBCO I L.L.C.
By: /s/ Douglas A. Brown
______________________________________
Name: Douglas A. Brown
Title: Manager
/s/ Robert A. Horne
__________________________________
Robert A. Horne
/s/ Douglas A. Brown
__________________________________
Douglas A. Brown
