EXHIBIT 21
SUBSIDIARIES OF REGISTRANT
| NAME | PERCENTAGE OWNERSHIP (%) | STATE OF ORGANIZATION | ||||||
Ladenburg Thalmann & Co. Inc. |
100 | Delaware | ||||||
Ladenburg Capital Management Inc. |
100 | New York | ||||||
Ladenburg Thalmann Asset Management Inc.* |
100 | New York | ||||||
| * | 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.