Exhibit 21
 
SUBSIDIARIES OF REGISTRANT
 
All subsidiaries below are directly or indirectly 100% owned by registrant.
 
     
NAME
 
STATE OF ORGANIZATION
 
Ladenburg Thalmann & Co. Inc. 
  Delaware
Ladenburg Thalmann Asset Management Inc.*
  New York
Investacorp, Inc. 
  Florida
Investacorp Advisory Services Inc. 
  Florida
 
 
* 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.