SUBSIDIARIES OF REGISTRANT
                 
    PERCENTAGE        
NAME   OWNERSHIP (%)     STATE OF ORGANIZATION  
Ladenburg Thalmann & Co. Inc.
     100     Delaware
Ladenburg Thalmann Asset Management Inc.*
     100     New York
Telluride Acquisition Inc.**
     100     Florida
Capitalink L.C.***
     100     Florida
 
*   Wholly owned by Ladenburg Thalmann & Co. Inc.
 
**   Wholly owned by Ladenburg Thalmann Financial Services Inc.
 
***   Wholly owned by Telluride Acquisition 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.