Trading Update Period Ended 31 December 1999
Liontrust Asset Management PLC
20 January 2000
Operating profits from performance related fees
receivable for the period ended 31 December 1999
exceed £1.7 million
Trading update
Following a statement made by Liontrust Asset Management
PLC ('Liontrust') in December 1999 regarding performance
fees it can earn on its pension fund accounts, Liontrust
announces that performance fees due and collectable in
respect of the December accounts are approximately £1.2
million (net of compensation costs using the compensation
formula set out in the company's Prospectus issued on its
flotation in July 1999, but before taxation). This is in
addition to the fee due and collectable in respect of the
November account of £0.5 million (net of compensation
costs as above, but before taxation) announced in
December.
Pension fund accounts currently represent around forty per
cent. of total funds under management which stood at
£1.066 billion on 31 December 1999. The terms on which
performance fees are calculated and earned vary for each
contract and are confidential. However, in some cases
payment of a proportion of the fee earned is deferred
until the next performance fee is payable.
A further £1.4 million of performance fees (net of
compensation costs as above, but before taxation) will
become due for payment on these accounts if and when a
further performance fee becomes payable in the future.
In addition to the information relating to performance
fees above, the Board of Liontrust believes that profit
before tax for the year ending 31 March 2000 will, subject
to the overall level of the UK stockmarket not reducing
substantially, be in excess of current market
expectations. This is a result of new business and the
increase in funds under management, the latter reflecting
the overall increase in the level of the UK stockmarket
and out-performance by Liontrust funds.
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 10,000 investors.
For further information please contact:
Liontrust Asset Nigel Legge 020 7412 1700
Management PLC
Merlin Financial Paul Downes 020 7606 1244
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