UNITED STATES SECURITIES AND EXCHANGE COMMISSION

   INVESTMENT ADVISERS ACT OF 1940
   RELEASE NO. 1823 / September 9, 1999
   Administrative Proceeding File No. 3-10007

   MICHAEL J. ROTHMEIER, CLARKE T. BLIZZARD, RUDOLPH ABEL, DONALD C.
   BERRY, CHRISTOPHER P. ROACH, CRAIG JANUTOL, EAST WEST INSTITUTIONAL
   SERVICES, INC.

   The Commission announced the entry of an Order Instituting Proceedings
   against Michael J. Rothmeier ("Rothmeier"), Clarke T. Blizzard
   ("Blizzard"), Rudolph Abel ("Abel"), Donald C. Berry ("Berry"),
   Christopher P. Roach ("Roach"), Craig Janutol ("Janutol") and East
   West Institutional Services, Inc. ("East West").

   The Order alleges that between mid-1993 and March 1996 Rothmeier,
   former president and CEO of Shawmut, Blizzard, Shawmut's former vice
   president for sales, and two former chief investment officers, Abel
   and Berry, caused the direction of over $1.8 million in clients'
   brokerage commissions to thirteen brokerage firms as compensation for
   referring new client accounts. The referral arrangements were
   fraudulent because Shawmut's Form ADV, which stated that Shawmut
   selected brokers on the basis of investment research they provided,
   failed to disclose that Shawmut selected certain brokers on the basis
   of client referrals.

   The Order also alleges that the former Shawmut officers directed
   approximately $1 million of the $1.8 million in commissions to East
   West, a Michigan broker-dealer, as compensation for referring a $600
   million International Brotherhood of Teamsters Local Union 710 pension
   fund account to Shawmut. The action alleges that Blizzard and Roach,
   East West's registered representative, agreed that Shawmut would
   direct $1,000 in brokerage commissions to East West for every $1
   million of client assets Roach steered to Shawmut. Blizzard and Roach
   also agreed to conceal the arrangement from the union. The Order
   contends that, despite red flags regarding Roach's activities,
   Janutol, former president of East West, failed to inquire into the
   basis for Roach's large volume of business with Shawmut.

   The Order alleges that Rothmeier, Blizzard, Abel and Berry caused and
   aided and abetted Shawmut's violation of Section 206(1) and 206(2) of
   the Investment Advisers Act of 1940 ("Advisers Act") through their
   undisclosed use of Shawmut's clients' brokerage commissions to obtain
   a benefit to Shawmut. The Order alleges that Rothmeier violated
   Section 207 of the Advisers Act by failing to disclose the referral
   arrangements in Shawmut's Form ADV, which he reviewed and signed as
   true and complete. In addition, the Order alleges that Rothmeier