Performance Related Fees

Liontrust Asset Management PLC
15 December 1999

                            
                Performance related fees
          due to Liontrust Asset Management PLC

Liontrust  Asset  Management PLC ('Liontrust')  can  earn
performance  fees  on most of its pension  fund  accounts
which  represent around forty per cent.  of  total  funds
under management.  The majority of fees are calculated to
the  end  of December each year, with one at the  end  of
November.   Performance fees are only included in  income
when  they  become due and collectable.  Such  fees  vary
according to performance relative to the designated index
and therefore cannot be guaranteed.

The performance fee due and collectable in respect of the
November  account  is £0.5 million (net  of  compensation
costs  using  the compensation formula  set  out  in  the
Prospectus  for  the July flotation).   When  the  actual
level  of  fees for accounts with December year  ends  is
known Liontrust will made a further announcement.

Note for Editors

Liontrust Asset Management PLC is the holding company  of
a  specialist UK equities fund management group providing
process  driven portfolio management services to a  range
of  funds  which  are targeted primarily at  professional
investors and advisers.  Liontrust currently manages over
£1   billion  in  segregated  and  pooled  pension   fund
accounts,  own branded unit trusts, an investment  trust,
offshore  funds,  personal equity  plans  and  externally
managed funds on behalf of over 8,000 investors.

For further information please contact :

Liontrust Asset Management  PLC       Nigel Legge 0171 412 1700

Merlin Financial                      Paul Downes 0171 606 1244