Pre Close Trading Update

Thursday 24th September 2004

                        Liontrust Asset Management PLC                         

                          Pre-Close Trading Statement                          

Funds under management stood at £5.072 billion on 22nd September 2004 compared
with £5.035 billion at the Company's year end on 31st March 2004, when there
was a further £145 million of pension fund mandates in transition. There are
currently no funds in transition. The FTSE All-Share index has risen by 4.1%
over the same period. We have lost three pension fund mandates worth £179
million during the period, but net unit trust sales have been strong at £131
million.

While the unit trusts based on the Large Cap and Growth investment processes
have underperformed their benchmarks during 2004 to 31st August, the unit
trusts based on the Small Cap and Value investment processes have outperformed
their benchmarks.*

We expect to announce our interim results for the period ending 30th September
2004 towards the end of October 2004.

For further information please contact:

Liontrust Asset Management PLC Nigel Legge 020 7412 1700

Cazenove & Co Ltd Richard Locke 020 7155 4633

Note to Editors

Figures for funds in transition relate to mandates that the Company has been
notified that it has been awarded, subject to contract. The value of funds in
transition will fluctuate with the market.

END.

* Source: Lipper, to 31st August 2004