Exhibit 21 LIBERTY FINANCIAL COMPANIES, INC. SUBSIDIARIES OF THE COMPANY Jurisdiction of Immediate Incorporation or Subsidiary Parent Organization - ---------- ------ ------------ Liberty Financial Services, Inc. ("LFS") The Company Massachusetts Liberty Newport Holdings, Limited ("LNHL") The Company Delaware Independent Holdings, Inc. ("IHI") The Company Massachusetts Crabbe Huson Group, Inc. The Company Massachusetts Progress Investment Management Company The Company California LREG, Inc. The Company Delaware The PAMCO Group, Inc. The Company Delaware SteinRoe Services, Inc. ("SSI") The Company Massachusetts Stein Roe & Farnham Incorporated ("Stein Roe") SSI Delaware SteinRoe Futures, Inc. Stein Roe Illinois Liberty Funds Group LLC ("LFG") LFS Delaware Colonial Management Associates, Inc. ("CMA") LFG Massachusetts Colonial Advisory Services, Inc. LFG Massachusetts Liberty Funds Services, Inc. LFG Massachusetts Liberty Funds Distributor, Inc. CMA Massachusetts Liberty Financial Advisors, Inc. CMA Delaware AlphaTrade, Inc. CMA Massachusetts Keyport Life Insurance Company ("Keyport") SSI Rhode Island Keyport Benefit Life Insurance Company Keyport New York Keyport Financial Services Corp. Keyport Massachusetts Independence Life & Annuity Company Keyport Rhode Island Liberty Advisory Services Corp. Keyport Massachusetts Newport Pacific Management, Inc. ("NPMI") LNHL California Newport Fund Management, Inc. NPMI Virginia Jurisdiction of Immediate Incorporation or Subsidiary Parent Organization - ---------- ------ ------------ Liberty Asset Management Company LFS Delaware Copley Venture Capital, Inc. LFS Massachusetts Liberty Investment Services, Inc. LFS Massachusetts Liberty Securities Corporation LIS Delaware Financial Centre Insurance Agency, Inc. LIS Massachusetts 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 Independent Financial Marketing IHI Delaware Group, Inc. ("IFMG") IFS Agencies, Inc. IFMG New York IFS Agencies of Alabama, Inc. IFMG Alabama IFMG Agencies of Maine, Inc. IFMG Maine IFS Agencies of New Mexico, Inc. IFMG New Mexico