Exhibit 12

Top Global Money Managers: AUM Exceeding $100 Millions

(As of December 31, 1997)


Money Managers
Country
Total Assets 
Under Management 
(millions)
United Bank of Switzerland Zurich, Switzerland
920,000
Japan Postal Insurance System Tokyo, Japan
865,020
FMR Corp. Boston, MA
515,300
Groupe AXA-UAP Paris, France
500,300
Zurich Group Zurich, Switzerland
460,000
Merrill Lynch & Co. (incl. MAM)

     - merged Nov. 97

 New York, NY 
450,000
Union Bank of Switzerland Zurich, Switzerland
449,000
Barclays Bank PLC London, UK
385,449
Credit Suisse / Winterthur Zurich, Switzerland
380,000
The Prudential Corporation London, UK
350,000
Nippon Life Insurance Co. Tokyo, Japan
342,800
The Vanguard Group Valley Forge, PA
310,500
State Street Boston Corp. Boston, MA
300,947
The Prudential Ins. Co. of America Newark, NJ
271,700
Capital Group Cos. Los Angeles, CA
259,704
Mellon Bank Corp. Pittsburg, PA
258,923
Deutsche Bank, AG Frankfurt, Germany
240,000
Bankers Trust Co. New York, NY
239,582
Morgan Stanley, Dean Witter & Discover Co. New York, NY
234,806
Allianz AG Munich, Germany
210,000
J.P. Morgan & Co. New York, NY
208,605
Equitable Life Assurance Society 
of the U.S.		 New York, NY
207,999
Franklin Resources San Mateo, CA
174,954
Marsh & McLennan Cos. New York, NY
173,443
United Asset Management Corp. Boston, MA
168,024
Putnam Funds Boston, MA
161,000
American Express Co. New York, NY
147,696
Internationale Nederlanden Group Amsterdam, Netherlands
140,000
Travelers Group New York, NY
133,337
Wellington Management Co. Boston, MA
133,162
Northern Trust Corp. Chicago, IL
130,252
Chase Manhattan Corp. New York, NY
130,095
Invesco Group Ltd. London, UK
126,172
Nomura Securities Corp. Tokyo, Japan
115,000
PNC Bank Corp. Pittsburg, PA
110,396
Pimco Advisors Newport Beach, CA
110,022
Federated Investors Boston, MA
101,300
T. Rowe Price Associates Baltimore, MD
100,390