Exhibit 21 LIBERTY FINANCIAL COMPANIES, INC. SUBSIDIARIES OF THE COMPANY Jurisdiction of Incorporation or Subsidiary Immediate Parent Organization - ------------------------------------------------------- ------------------ ----------------- The Colonial Group, Inc. ("CGI")* The Company Massachusetts Liberty Newport Holdings, Limited ("LNHL") The Company Delaware Liberty Financial Services, Inc. ("LFS")* The Company Massachusetts Independent Holdings, Inc. ("IHI") The Company Massachusetts SteinRoe Services, Inc. ("SSI")* The Company Massachusetts Liberty Real Estate Group, Inc. The Company Delaware The PAMCO Group, Inc. The Company Delaware Stein Roe & Farnham Incorporated ("Stein Roe")* SSI Delaware Keyport Life Insurance Company ("Keyport")* SSI Rhode Island SteinRoe Futures, Inc. Stein Roe Illinois Keyport Financial Services Corp. Keyport Massachusetts Liberty Advisory Services Corp. Keyport Massachusetts American Benefit Life Insurance Company+ Keyport New York Independence Life & Annuity Company* Keyport Rhode Island Colonial Advisory Services, Inc. CGI Massachusetts Colonial Management Associates, Inc. ("CMA")* CGI Massachusetts Colonial Investors Service Center, Inc.* CGI Massachusetts Liberty Financial Investments, Inc.* CMA Massachusetts AlphaTrade, Inc. CMA Massachusetts Newport Pacific Management, Inc. ("NPMI")* LNHL California Newport Fund Management, Inc.* NPMI Virginia Liberty Asset Management Company ("LAMCO") LFS Delaware Liberty Investment Services, Inc. ("LIS") LFS Massachusetts Copley Venture Capital, Inc. LFS Massachusetts Liberty International Advisors, S.A. LAMCO Luxembourg Liberty Financial Advisors, Inc. LIS Delaware Liberty Securities Corporation* LIS Delaware LSC Insurance Agency of Arizona, Inc. LIS Arizona LSC Insurance Agency of Maine, Inc. LIS Maine LSC Insurance Agency of New Mexico, Inc. LIS New Mexico LSC Insurance Agency of Nevada, Inc. LIS Nevada Financial Centre Insurance Agency, Inc. LIS Massachusetts Liberty Financial International, S.A. LIS Luxembourg Amigo Insurance Agency, Inc. LIS New Mexico Independent Financial Marketing Group, Inc. ("IFMG")* IHI New York Jurisdiction of Incorporation or Subsidiary Immediate Parent Organization - ------------------------------------------------------- ------------------ ----------------- Independent Financial Securities, Inc. IFMG New York IFS Agencies, Inc. IFMG New York IFS Agencies of Alabama, Inc. IFMG Alabama IFS Agencies of New Mexico, Inc. IFMG New Mexico IFMG Agencies of Maine, Inc. IFMG Maine IFS Insurance Agencies of Ohio, Inc. IFMG Ohio - ---------- * Significant Subsidiaries, as defined in SEC Regulation S-X. + To be renamed "Keyport Benefit Life Insurance Company" on or about April 1, 1998.