EXHIBIT 21
SUBSIDIARIES OF REGISTRANT
         
NAME   PERCENTAGE OWNERSHIP (%)   STATE OF ORGANIZATION
Ladenburg Thalmann & Co. Inc.
  100   Delaware
 
       
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.