LIBERTY FINANCIAL COMPANIES, INC. SUBSIDIARIES OF THE COMPANY Jurisdiction of Immediate Incorporation or Subsidiary Parent Organization - ---------- ------ ------------ AlphaTrade, Inc. CMA Massachusetts Colonial Advisory Services, Inc. LFG Massachusetts Colonial Management Associates, Inc. ("CMA") LFG Massachusetts Copley Venture Capital, Inc. LFS Massachusetts Crabbe Huson Group, Inc. The Company Massachusetts Financial Centre Insurance Agency, Inc. LIS Massachusetts IFS Agencies, Inc. IFMG New York IFS Agencies of Alabama, Inc. IFMG Alabama IFS Agencies of New Mexico, Inc. IFMG New Mexico Independence Life & Annuity Company Keyport Rhode Island Independent Holdings, Inc. ("IHI") The Company Massachusetts Independent Financial Marketing Group, Inc. ("IFMG") IHI Delaware Keyport Benefit Life Insurance Company Keyport New York Keyport Financial Services Corp. LASC dfcx Massachusetts Keyport Life Insurance Company ("Keyport") SSI Rhode Island Liberty Advisory Services Corp. Keyport Massachusetts Liberty Asset Management Company LFS Delaware Liberty Financial Asset Management, Ltd. NPMI Japan Liberty Financial Services, Inc. ("LFS") The Company Massachusetts Liberty Funds Distributor, Inc. CMA Massachusetts Liberty Funds Group LLC ("LFG") LFS Delaware Liberty Funds Services, Inc. LFG Massachusetts Liberty Investment Services, Inc. LFS Massachusetts Liberty Newport Holdings, Limited ("LNHL") The Company Delaware Jurisdiction of Immediate Incorporation or SUBSIDIARY PARENT ORGANIZATION - ---------- ------ ------------ Liberty New World China Enterprises Investments L.P. ("LNWC") NPEA California Liberty Securities Corporation LIS Delaware LREG, Inc. The Company Delaware LSC Insurance Agency of Arizona, Inc. LIS Arizona LSC Insurance Agency of Nevada, Inc. LIS Nevada Newport Fund Management, Inc. NPMI (75.1%) Virginia LFC (24.9%) Newport Pacific Management, Inc. ("NPMI") LNHL California Newport Private Equity Asia, Inc. ("NPEA") NPMI California New World Liberty China Ventures Fund, Ltd. LNWC (50%) British V.I. Progress Investment Management Company The Company California SteinRoe Futures, Inc. Stein Roe Illinois Stein Roe Management Associates, LLC Stein Roe Delaware SteinRoe Services, Inc. ("SSI") The Company Massachusetts Stein Roe & Farnham Incorporated ("Stein Roe") SSI Delaware