.
.
.
EXHIBIT 21
SUBSIDIARIES OF REGISTRANT
NAME PERCENTAGE OWNERSHIP (%) STATE OF ORGANIZATION
- ---- ------------------------ ---------------------
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
- -----------
* 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.