Trading Statement

Liontrust Asset Management PLC
20 January 2005



                         LIONTRUST ASSET MANAGEMENT PLC

                                 Trading Update


There were no performance fees earned in the quarter ended 31st December 2004
and while further accounts fall due for calculation of performance fees in the
quarter to 31st March 2005 management does not expect any to be earned.


Funds under management on 19th January 2005 were £5.097 billion compared with
£5.023 billion at 30th September 2004. During the period from 1st April 2004 to
19th January 2005 institutional accounts worth £330 million were withdrawn while
net unit trust inflows amounted to £158 million. Gross unit trust sales remain
steady.


If current market levels are maintained we would expect core operating profits
before interest for the year ending 31st March 2005 to be in line with
expectations.



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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