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BHF 'CLEARS' A PATH FOR SOFT COMMISSION INDEPENDENT RESEARCH BROKER

NEW YORK, Oct. 30 /PRNewswire/ -- BHF-BANK (Frankfurt, Germany) announced today that it has purchased a minority interest in TIR Holdings Ltd. (TIR), the world's leading independent soft commission investment research broker, headquartered in the Cayman Islands.

In addition, BHF Securities Corporation, the New York-based investment banking subsidiary of BHF-BANK, will handle all the domestic and foreign securities clearing business for TIR.

TIR is the worldwide leader in soft commission transactions providing independent research and data services to institutional investors and money managers. BHF's global capabilities will compliment TIR's international execution and presence in the world's leading financial markets.

The partnership formed between BHF and TIR is an ideal match for both firms, given their mutual strengths in foreign markets and the growing trends in the international arena. The minority investment will not effect TIR's independent status. BHF is committed to TIR remaining an independent entity.

Frank LaSalla, BHF Securities' Chief Executive Officer in New York stated, "BHF has an operation and network that is geared exactly to TIR's type of business. Our partnership with TIR is on the cutting edge of technology and will help them deliver the kind of cross-border service that is increasingly being demanded by their sophisticated, international clients. Through the association with our parent organization, BHF-BANK, we have access to the global markets that TIR customers want to enter."

Jarrett Lilien, Chief Executive Officer of TIR commented, "We're happy that a major institution like BHF-BANK recognizes the future in international soft commissions and is committed to the value of independent research. Their interest in us does not rely on any reciprocal order flow, which has been the trend by other institutions acquiring a stake in soft commission brokers. In addition, BHF Securities is well known for its global clearing expertise. They are a solid organization that will certainly work with TIR to solve the complex challenges our industry faces as we enter the next century. Together, we will be able to combine our talents and resources and give clients the value added services they demand."

The link with BHF-BANK will be a vital source of new opportunities for TIR customers as product lines such as foreign currency trading will become more accessible.

Mr. Lilien added, "Both BHF and TIR have already recognized the emerging markets in the Pacific Rim and Latin America as well as future plans to expand in the Eastern European market. We have networks in place to service business in those regions. This, combined with other features, make BHF a logical choice to handle our clearing needs."

BHF-BANK, a major German bank with special emphasis on the activities of an advisory and trading bank, provides universal banking services, offering investment banking, securities brokerage and foreign exchange services as its specialized areas. The bank runs branches, subsidiaries and representative offices in Germany and at the leading international centers of finance, including the United States. BHF Securities Corporation is the wholly owned U.S. investment banking subsidiary of BHF-BANK. BHF Securities provides execution and clearing services for clients whose needs require the full capabilities of a worldwide broker-dealer. They are a member of The New York Stock Exchange and other principal exchanges.
 -0- 10/30/95


/CONTACT: Frank J. Colella of BHF-Bank, 212-756-2791/

CO: BHF-BANK; TIR Holdings Ltd.; BHF Securities Corporation ST: New York IN: FIN SU: TNM

LG -- NY051 -- 5930 10/30/95 09:33 EST
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Publication:PR Newswire
Date:Oct 30, 1995
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