AGM Statement

Stock Exchange Announcement                          

             Liontrust Asset Management PLC Annual General Meeting             

                             Chairman's Statement                              

'As I said in my statement in the Company's Annual Report and Accounts, I am
pleased to be able to report good financial progress for the fifth year in
succession even though performance has been more mixed than in previous years.

Particularly notable among the metrics that we use to measure our progress has
been the rise in core operating profit per head by £75,000 to £272,000, the
rise in core revenue per head by £191,000 to £743,000 and the 4% fall in
operating costs outside compensation. I hope the recommended 43% rise in
dividend will be welcomed by shareholders. Even after paying the dividend we
will have achieved a 42% rise in shareholders funds.

On 7th July 2005 funds under management stood at £4.381 billion. They have
fallen as a result of the withdrawal of a number of pension fund mandates over
the last year. In such a competitive field a period of underperformance, for
whatever reason, often leads to pension fund mandates being withdrawn.

A net £137 million of pension fund assets were withdrawn in the last three
months with a further £45 million due to leave by the end of July and we have
seen net redemptions of £55 million from our unit trusts over the same period.
We have still managed to maintain a healthy level of gross sales however.

As I referred to in my statement in the Annual Report, the Growth and Large Cap
processes, as measured by the unit trusts based on them, have underperformed
their benchmarks in the last couple of years. However, both processes have good
long term records and we are confident that they will perform well again.

I also mentioned in my statement in the Annual Report that Liontrust intends to
move into new asset classes by attracting new investment talent in order to
broaden the product range. Any move to build up a new asset class will be made
after careful deliberation and assessment.

We have determined that new developments of this kind must pass five tests:

1 Not put at risk our existing business.

2 Be capable of having a documented investment process applied to it.

3 Be capable of being sold into both retail and institutional client groups.

4 Be achieved with small numbers of people (we have nine individuals in our
fund management function).

5 Be scalable at similar margins as our existing business.

We believe these parameters will help us make the next phase of our development
successful. The actual asset class is less important. The objective is to be a
broader based business. As I said in my statement we are excited about moving
the business forward, see opportunities to do so and have been exploring a
number of initiatives. As part of this process, we still believe we need to
identify new employee incentive schemes that will reward strong future
corporate performance. Your Board's objective is to enhance the Company's value
and we have an excellent base from which to build. I look forward to letting
shareholders know of progress in due course.

Our business is in very good shape. We have 24,000 investors, 5,000
intermediaries with whom we regularly communicate, 60 pension funds, 15
distribution platforms that accommodate our products, over £4 billion in assets
and good long term investment performance. We have 37 people. We also have
levels of service and administrative accuracy that is regarded as amongst the
best in the industry.

We have a highly efficient fund management business. We now have a great
opportunity to expand into other asset classes and we have a capable and
determined management team to do it. I look forward to working with them and
witnessing at close hand what unfolds.'

Note to Editors

For further information please contact:

Liontrust Asset Management PLC: Nigel Legge 020 7412 1700

J P Morgan Cazenove: Richard Locke 020 7155 4706