AGM Statement

Tuesday 6th July 2004

                          Stock Exchange Announcement                          

          Liontrust Asset Management PLC 2004 Annual General Meeting.          

                    Chairman's Statement and Trading Update                    

The following is the Statement by Chairman Ellen Winser at the 2004 Annual
General Meeting, held at The Savoy, London WC2 at 11am on Tuesday 6th July
2004:

'As I said in my statement in the Company's Annual Report and Accounts, I am
delighted to be able to report good results for our fourth year running as a
public company. These results are directly attributable to the dramatic growth
in funds under management and the simplicity of our business model.

Competition remains strong and the stock market environment variable, but we
remain confident that the differentiation of our investment processes, our
increasing distribution capabilities and the way we are organised will enable
us to make further progress. Our progress so far in the current financial year
is encouraging.

Indeed, net sales of our unit trusts have exceeded £95 million since our year
end and £220 million for the first six months of 2004. We continue to be
invited to pitch for new pension fund business. Funds under management on
Monday 5th July stood at £5.1 billion.

Following my remarks in the Chairman's Statement about the issue of capacity, I
would like to clarify our position. Capacity limits relate to our fund
managers' ability to buy and sell stocks in the quantities they want. Closure
to new business is only an issue for segregated pension fund business. We have
not encountered any significant restrictions yet in the Large Cap, Income or
Small Cap investment processes. We therefore continue to attract new business
for these processes and unit trusts will remain on sale for all our processes.

I would like to thank everyone at Liontrust for their contribution to another
successful year. I know that the Board looks forward to the challenges ahead
and continues to see a bright future for the company. I will miss my
association with Liontrust. I have enjoyed the last eight years enormously and
I wish my colleagues all good fortune for the future'

ENDS