Trading Statement

Liontrust Asset Management PLC
20 January 2004



Embargoed until 0700 hours, 20th January 2004



                         LIONTRUST ASSET MANAGEMENT PLC

                                 Trading Update


Current trading continues to be strong. If current market levels are maintained
we would expect core operating profits before interest and exceptional items for
the year ending 31st March 2004 to be around £8 million, compared with £4.3
million for the year to 31st March 2003.



Performance fees falling due in the quarter ended 31st December 2003 were
£122,000 bringing the total for the nine months to £762,000. Operating profit
from these performance fees after compensation costs is £343,000. Further
accounts fall due for calculation of performance fees in the quarter to March.



Our continuing drive to improve profit margins has led to our decision to
discontinue administering our low margin Administration Services (AS) funds. Of
the total of £270 million of these funds, £126 million have already been
transferred to another administrator with the remainder due to be transferred by
31st March 2004.  As a result of these changes, the average margins on total
funds under management can be expected to rise slightly from previous levels.



Funds under management on 19th January 2004 were £5.043 billion compared with
£4.083 billion at 30th September 2003. Excluding the AS funds due to be
transferred, there is a further £110 million in transition. In the calendar year
2003 we won fourteen new institutional accounts worth £840 million and attracted
£390 million in net unit trust business. We continue to be invited to pitch for
new pension fund business and unit trust sales remain strong.


Note to Editors:



 1. There were no financial net assets attributable to the transfer of the AS
    funds to Capita Financial Managers Ltd.
 2. Figures for funds in transition relate to mandates that the Company has been
    notified that it has been awarded, subject to contract. The size of
    individual mandates in transition will fluctuate with markets.



Enquiries:

Nigel Legge, Joint Chief Executive, Liontrust Asset Management PLC 020-7412 1700

Richard Locke, Cazenove & Co. Ltd 020-7155 4706





ENDS


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