Exhibit 23.2


                   REPORT AND CONSENT OF INDEPENDENT AUDITORS


The Board of Directors
Liberty Financial Companies, Inc.:


Under date of February 16, 1996, we reported on the consolidated statements of
income, stockholders' equity and cash flows for the year ended December 31,
1995 as contained in the 1995 annual report to stockholders. In connection with
our audit of the aforementioned consolidated financial statements, we also
audited the related financial statement schedules for the year ended December
31, 1995, listed in Item 14(a)2 of the Form 10-K for 1997. These financial
statement schedules are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statement schedules
based on our audit. In our opinion, such financial statement schedules, when
considered in relation to the consolidated financial statements taken as a
whole, present fairly in all material respects the information set forth
therein.

We consent to incorporation by reference in the registration statement (No.
33-90626) on Form S-8 pertaining to the Liberty Financial Companies, Inc. 1990
Stock Option Plan, the Liberty Financial Companies, Inc. 1995 Stock Incentive
Plan and the Liberty Financial Companies, Inc. 1995 Employee Stock Purchase
Plan and in the registration statement (No. 333-20067) on Form S-3 pertaining
to the Liberty Financial Companies, Inc. Dividend Reinvestment Plan of our
report dated February 16, 1996, relating to the 1995 consolidated financial
statements incorporated herein by reference, and our report included in the
preceding paragraph with respect to the 1995 financial statement schedules
included in this annual report on Form 10-K of Liberty Financial Companies,
Inc.



                                                           KPMG Peat Marwick LLP



Boston, Massachusetts,
March 25, 1998