Trading Statement

26 March 2004

                          Stock Exchange Announcement                          

                        Liontrust Asset Management Plc                         

                           Pre-Close Trading Update                            

Liontrust has continued to trade strongly throughout the year ending 31 March
2004. As at 25 March 2004, total funds under management stood at £4.95 billion.
Institutional fund accounts won and still in transition amount to a further £
181 million. By contrast funds under management were £2.58 billion on 27 March
2003 with £699.5 million of funds in transition at that date.

The last £53m of the original £144m in Administration Services funds (referred
to in our January trading update) is due to be transferred to another
administrator by the end of March.

Any performance fees earned in the period from 1 January 2004 to 31 March 2004
will be disclosed in the preliminary announcement of Liontrust's results for
the year ending 31 March 2004 due to be released towards the end of May 2004
but these are not expected to be significant.

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.

For further information please contact:

Liontrust Asset Management PLC Nigel Legge 020 7412 1700

Cazenove & Co Ltd Edward Squire 020 7155 4633

26 March 2004