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New York, NY - The Equitable Companies Incorporated (NYSE:EQ) reported that
Donaldson, Lufkin & Jenrette, Inc. (NYSE: DLJ), of which its ownership is 74%,
released the following data today in connection with The AXA Group's regularly
scheduled press and investor conferences, to be held in Paris and London
tomorrow, when AXA announces its results for the first half of 1998.
As of September 30, 1998, DLJ was owed approximately $106 million by various
hedge funds. Of that amount, $103 million was fully collateralized by cash,
U.S. Treasury and other marketable securities, and $3 million was unsecured.
DLJ's exposure to emerging markets securities, the aggregate of its net
position for each country, was less than $100 million on September 30, 1998.
DLJ's net inventory of high-yield bonds, also as of September 30, 1998, was
less than $500 million. This inventory consisted of more than 100 different
issuers, with no single issue accounting for more than $25 million.
DLJ will release its third-quarter earnings on or about Tuesday, October 13,
1998.
Simultaneously, Stanley B. Tulin, Chief Financial Officer of The Equitable
Companies, announced that its Equitable Life subsidiary generated total
individual premiums of approximately $2.2 billion in the third quarter,
representing a 20% growth rate over the same period last year. First-year
annuity premiums grew by approximately 38% and first-year life premiums
increased by approximately 15%. Total individual premium growth relative to
the prior year slowed from the second quarter pace of 33%, reflecting unsettled
market conditions.
The Equitable Companies Incorporated is one of the nation's
premier financial service organizations. It is a member of the global AXA
Group, one of the world's largest insurer/asset managers, with over $530
billion in assets under management.
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