EXHIBIT 21

<TABLE>
<CAPTION>

                                           Subsidiaries of Registrant
                                           --------------------------
Name                                        Percentage Ownership (%)            State of Organization
- ----                                        ------------------------            ---------------------
<S>                                         <C>                                 <C>
Ladenburg Thalmann & Co. Inc.                        100                                Delaware

Ladenburg Capital Fund Management Inc.               100                                New York

Ladenburg Capital Management Inc.*                   100                                New York

Ladenburg Thalmann Asset Management Inc.*            100                                New York

Financial Partners Capital Management Inc.*          100                                New York

</TABLE>

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* Wholly owned by Ladenburg Thalmann & Co. Inc.


         Not included above are other subsidiaries which, if considered in the
aggregate as a single subsidiary, would not constitute a significant subsidiary,
as such term is defined by Rule 1-02(w) of Regulation S-X.