SECURITIES AND EXCHANGE COMMISSION

                           Washington, DC 20549

                              FORM 8-K

                          CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

Date of Report:  February 29, 2000

               LEXINGTON GLOBAL ASSET MANAGERS, INC.

State or other jurisdiction of                   (I.R.S. Employer
incorporation or organization                     Identification No.)

DELAWARE                                     22-3395036

LEXINGTON GLOBAL ASSET MANAGERS, INC.
PARK 80 WEST PLAZA TWO
SADDLE BROOK, NJ 07663

(201)845-7300

























Item 5.  Other Events

On February 29, 2000,  the  registrant  announced  that the Company has signed a
definitive  agreement for ReliaStar  Financial Corp. to acquire the Company in a
stock-and-cash transaction valued at $47.5 million.

The  definitive  agreement  provides for the purchase price valued at $47.5
million to be allocated in terms of one-third  cash and  two-thirds in shares of
ReliaStar common stock.  Upon closing of the acquisition,  Company  shareholders
will be entitled to 0.231 shares of ReliaStar common stock and $3.306 in cash in
exhange for each share of Company common stock they hold.

Completion  of the  acquisition  is subject to normal  closing  conditions,
including approval by Lexington's shareholders, fund trustees/directors and fund
shareholders,  and various regulatory approvals.  The transaction is expected to
close in the second quarter of 2000.  ReliaStar said it expects the  transaction
to be modestly accretive to earnings in the 12 months following the close of the
acquisition.


LEXINGTON GLOBAL ASSET MANAGERS, INC.

By: /s/ Richard M. Hisey
________________________

RICHARD M. HISEY
EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER AND TREASURER
Date:  2/2/00

Exhibit No. 99 Other

ReliaStar to Acquire  Lexington Global Asset Managers,  Inc.

Deal Strengthens  International Money  Management  Capabilities

MINNEAPOLIS,  Feb. 29 /PRNewswire/ -- ReliaStar  Financial Corp. (NYSE: RLR) and
Lexington Global Asset Managers,  Inc.  (Nasdaq:  LGAM) announced today that the
two  companies  have signed a definitive  agreement for ReliaStar to acquire the
New  Jersey-based  asset  management and mutual fund company in a stock-and-cash
transaction valued at $47.5 million.

The  definitive  agreement  provides for the  purchase  price to be allocated in
terms of one-third cash and two-thirds in shares of ReliaStar common stock.

Completion of the acquisition is subject to normal closing conditions, including
approval  by  Lexington's   shareholders,   fund   trustees/directors  and  fund
shareholders,  and various regulatory approvals.  The transaction is expected to
close in the second quarter of 2000.  ReliaStar said it expects the  transaction
to be modestly accretive to earnings in the 12 months following the close of the
acquisition.

"This  acquisition  enhances  our product  line and  internal  asset  management
capabilities, adds assets and provides economies of scale," said John G. Turner,
ReliaStar  chairman  and  chief  executive  officer.  "Adding  Lexington  to our
existing  Pilgram  mutual  fund  operation  supports  our  stepped-up  focus  on
gathering and managing assets. We're already seeing significant results from the
integration of our Northstar mutual fund operation with Pilgrim's last fall, and
this transaction  represents  another step to build on that success."

In October 1999,  ReliaStar  acquired Pilgrim Capital Corp., an asset management
and mutual fund company based in Phoenix,  folding its existing Northstar mutual
fund operation into Pilgrim's.

"The Lexington  acquisition  comes at a time when we're  experiencing a dramatic
increase in sales  within our mutual  fund  operation,"  said Robert  Stallings,
Pilgrim chairman and chief executive officer. "Since last September,  we've seen
sales growth far exceeding our original sales objectives. We're excited to build
on this  momentum  by adding a strong,  experienced  fund  management  team that
enhances and expands our portfolio management capabilities."

Lexington  Global Asset  Managers,  Inc. is a publicly  owned  company,  and its
common stock trades under the symbol LGAM on the Nasdaq  National Market System.
Lexington offers,  through its  subsidiaries,  a variety of asset management and
related  services  to  retail  investors,   institutions  and  individuals.  The
Lexington  family of  mutual  funds  consists  of 13  funds,  including  several
international  equity funds.  Lexington has approximately  $3.6 billion in total
assets under management.

"We are enthusiastic  about this business  combination,"  said Robert DeMichele,
Lexington president and chief executive officer.  "It is an outstanding deal for
our  shareholders,   and  it  provides   Lexington  with  the  size  to  compete
effectively.  A  combination  with  Pilgram  will allow  Lexington to expand its
mutual fund, institutional, private account and wrap fee business. It also gives
Lexington  mutual  fund  shareholder  access  to a broad  range of  mutual  fund
products with outstanding performance."

Lexington will become part of ReliaStar subsidiary, Pilgrim Capital Corp., which
manages,   markets  and  distributes  open-  and  closed-end  mutual  funds  and
structured finance products.  After the two companies are combined, total assets
under management will be approximately $20 billion.

Putnam, Lovell, de Guardiola & Thornton, Inc. acted as the financial advisors to
Lexington in the transaction.

ReliaStar  Financial  Corp. is a  Minneapolis-based  holding company through its
subsidiaries  offer  individuals and institutions  life insurance and annuities,
employee benefits products and services, life and health reinsurance, retirement
plans,  mutual funds,  bank products and personal  finance  education.  Based on
revenues, ReliaStar Financial is the eighth largest publicly held life insurance
holding company in the United States, and its subsidiaries have $35.5 billion in
assets under management and life insurance in force of $327.7 billion.

All statements in the report relative to markets for the Company's  products and
trends  in the  Company's  operations  or  financial  results,  as well as other
statements  including words such as "anticipate"  "believe," "expect," and other
similar  expressions,  constitute  forward-looking  statements under the Private
Securities Litigation Reform Act of 1995. These  forward-looking  statements are
subject to known and unknown  risks,  uncertainties  and other  factors that may
cause actual results to be materially  different from those  contemplated by the
forward-looking  statement.  Such factors include,  among other things:  general
economic conditions and other factors, including prevailing interest rate levels
and stock market performance, which may affect the Company's ability to sell its
products,  the market value of the Company's  investments and the lapse rate and
profitability  of the  Company's  policies;  the  Company's  ability  to achieve
anticipated levels of operating efficiencies;  mortality and morbidity;  changes
in federal  income tax laws that may affect the relative tax  advantages of some
of the Company's  product;  and regulatory  changes or actions,  including those
relating  to  regulation  of  financial   services   affecting  bank  sales  and
underwriting of insurance products and regulation of the sale,  underwriting and
pricing of insurance products.
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SECURITIES AND EXCHANGE COMMISSION

                           Washington, DC 20549

                              FORM 8-K

                          CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

Date of Report:  February 29, 2000

               LEXINGTON GLOBAL ASSET MANAGERS, INC.

State or other jurisdiction of                   (I.R.S. Employer
incorporation or organization                     Identification No.)

DELAWARE                                     22-3395036

LEXINGTON GLOBAL ASSET MANAGERS, INC.
PARK 80 WEST PLAZA TWO
SADDLE BROOK, NJ 07663

(201)845-7300

Item 5.  Other Events

On February 29, 2000,  the  registrant  announced  that the Company has signed a
definitive  agreement for ReliaStar  Financial Corp. to acquire the Company in a
stock-and-cash transaction valued at $47.5 million.

The  definitive  agreement  provides for the purchase price valued at $47.5
million to be allocated in terms of one-third  cash and  two-thirds in shares of
ReliaStar common stock.  Upon closing of the acquisition,  Company  shareholders
will be entitled to 0.231 shares of ReliaStar common stock and $3.306 in cash in
exhange for each share of Company common stock they hold.

Completion  of the  acquisition  is subject to normal  closing  conditions,
including approval by Lexington's shareholders, fund trustees/directors and fund
shareholders,  and various regulatory approvals.  The transaction is expected to
close in the second quarter of 2000.  ReliaStar said it expects the  transaction
to be modestly accretive to earnings in the 12 months following the close of the
acquisition.

LEXINGTON GLOBAL ASSET MANAGERS, INC.

By: /s/ Richard M. Hisey
________________________

RICHARD M. HISEY
EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER AND TREASURER
Date:  2/2/00

Exhibit No. 99 Other

ReliaStar to Acquire  Lexington Global Asset Managers,  Inc.

Deal Strengthens  International Money  Management  Capabilities

MINNEAPOLIS,  Feb. 29 /PRNewswire/ -- ReliaStar  Financial Corp. (NYSE: RLR) and
Lexington Global Asset Managers,  Inc.  (Nasdaq:  LGAM) announced today that the
two  companies  have signed a definitive  agreement for ReliaStar to acquire the
New  Jersey-based  asset  management and mutual fund company in a stock-and-cash
transaction valued at $47.5 million.

The  definitive  agreement  provides for the  purchase  price to be allocated in
terms of one-third cash and two-thirds in shares of ReliaStar common stock.

Completion of the acquisition is subject to normal closing conditions, including
approval  by  Lexington's   shareholders,   fund   trustees/directors  and  fund
shareholders,  and various regulatory approvals.  The transaction is expected to
close in the second quarter of 2000.  ReliaStar said it expects the  transaction
to be modestly accretive to earnings in the 12 months following the close of the
acquisition.

"This  acquisition  enhances  our product  line and  internal  asset  management
capabilities, adds assets and provides economies of scale," said John G. Turner,
ReliaStar  chairman  and  chief  executive  officer.  "Adding  Lexington  to our
existing  Pilgram  mutual  fund  operation  supports  our  stepped-up  focus  on
gathering and managing assets. We're already seeing significant results from the
integration of our Northstar mutual fund operation with Pilgrim's last fall, and
this transaction  represents  another step to build on that success."

In October 1999,  ReliaStar  acquired Pilgrim Capital Corp., an asset management
and mutual fund company based in Phoenix,  folding its existing Northstar mutual
fund operation into Pilgrim's.

"The Lexington  acquisition  comes at a time when we're  experiencing a dramatic
increase in sales  within our mutual  fund  operation,"  said Robert  Stallings,
Pilgrim chairman and chief executive officer. "Since last September,  we've seen
sales growth far exceeding our original sales objectives. We're excited to build
on this  momentum  by adding a strong,  experienced  fund  management  team that
enhances and expands our portfolio management capabilities."

Lexington  Global Asset  Managers,  Inc. is a publicly  owned  company,  and its
common stock trades under the symbol LGAM on the Nasdaq  National Market System.
Lexington offers,  through its  subsidiaries,  a variety of asset management and
related  services  to  retail  investors,   institutions  and  individuals.  The
Lexington  family of  mutual  funds  consists  of 13  funds,  including  several
international  equity funds.  Lexington has approximately  $3.6 billion in total
assets under management.

"We are enthusiastic  about this business  combination,"  said Robert DeMichele,
Lexington president and chief executive officer.  "It is an outstanding deal for
our  shareholders,   and  it  provides   Lexington  with  the  size  to  compete
effectively.  A  combination  with  Pilgram  will allow  Lexington to expand its
mutual fund, institutional, private account and wrap fee business. It also gives
Lexington  mutual  fund  shareholder  access  to a broad  range of  mutual  fund
products with outstanding performance."

Lexington will become part of ReliaStar subsidiary, Pilgrim Capital Corp., which
manages,   markets  and  distributes  open-  and  closed-end  mutual  funds  and
structured finance products.  After the two companies are combined, total assets
under management will be approximately $20 billion.

Putnam, Lovell, de Guardiola & Thornton, Inc. acted as the financial advisors to
Lexington in the transaction.

ReliaStar  Financial  Corp. is a  Minneapolis-based  holding company through its
subsidiaries  offer  individuals and institutions  life insurance and annuities,
employee benefits products and services, life and health reinsurance, retirement
plans,  mutual funds,  bank products and personal  finance  education.  Based on
revenues, ReliaStar Financial is the eighth largest publicly held life insurance
holding company in the United States, and its subsidiaries have $35.5 billion in
assets under management and life insurance in force of $327.7 billion.

All statements in the report relative to markets for the Company's  products and
trends  in the  Company's  operations  or  financial  results,  as well as other
statements  including words such as "anticipate"  "believe," "expect," and other
similar  expressions,  constitute  forward-looking  statements under the Private
Securities Litigation Reform Act of 1995. These  forward-looking  statements are
subject to known and unknown  risks,  uncertainties  and other  factors that may
cause actual results to be materially  different from those  contemplated by the
forward-looking  statement.  Such factors include,  among other things:  general
economic conditions and other factors, including prevailing interest rate levels
and stock market performance, which may affect the Company's ability to sell its
products,  the market value of the Company's  investments and the lapse rate and
profitability  of the  Company's  policies;  the  Company's  ability  to achieve
anticipated levels of operating efficiencies;  mortality and morbidity;  changes
in federal  income tax laws that may affect the relative tax  advantages of some
of the Company's  product;  and regulatory  changes or actions,  including those
relating  to  regulation  of  financial   services   affecting  bank  sales  and
underwriting of insurance products and regulation of the sale,  underwriting and
pricing of insurance products.