2 August 2011

Liontrust and Occam join forces

Key points Liontrust and Occam join forces in a highly complementary acquisition enhancing the fund management, distribution, marketing and operations teams. Occam provides Liontrust with two of the faster growing asset classes by adding Asia and Global Emerging Markets funds to Liontrusts existing UK and European range and two experienced and highly respected fund management teams. Occam brings a Dublin range of funds and established distribution capability in continental Europe, the Middle East and other international markets to supplement Liontrusts traditional focus on UK-based investors. Occam brings a number of experienced and talented individuals to Liontrust. The transaction marks the latest step in a successful 16 month phase of growth for Liontrust and the start of the Companys next stage of expansion.

Liontrust Asset Management Plc has reached an agreement to acquire the fund management business of Occam Asset Management. This achieves Liontrusts publicly stated objective of expanding into the fast growing Asia and Emerging Markets asset classes to complement its existing UK and Europe fund management capability. Occam brings the management of four Dublin-based funds - Occam Emerging Markets Opportunities, Occam Asia Focus, Occam Asia Absolute Return and Occam Europe Focus funds - and two Cayman Islands-domiciled hedge funds Occam Sorbus and Occam Diversity funds - to Liontrust. The Occam Asia Focus and Occam Asia Absolute Return funds are managed by Mark Williams while Eoghan Flanagan and James Mellersh manage the Occam Emerging Markets Opportunities fund. Liontrusts James Inglis-Jones and Gary West take over as fund managers of the Occam Sorbus and Occam Europe Focus funds. The Emerging Markets and Asia Pacific fund management teams at Occam have excellent pedigrees and strong long-term track records. Before joining Occam, Eoghan Flanagan was co-founder of the highly successful Thames River Nevsky team and James Mellersh was a senior member of the team. Mark Williams managed the Friends Provident International GIP Far East Sicav and F&C Pacific Growth funds. The fund management teams at Occam, which was founded at the end of 2007 and has 124 million in assets under management, enhance a company that already has two very strong teams in Anthony Cross/Julian Fosh and James Inglis-Jones/Gary West. This strength was recently evidenced when the Liontrust Special Situations Fund was named the Best UK Growth Fund in the Investment Week Fund Manager of the Year Awards 2011.

Acquiring Occams fund management business increases Liontrusts assets under management and enhances other areas of Liontrusts business. Jonathan Hughes-Morgan and David Sheppard, cofounders of Occam, have many years of experience of running businesses and identifying and recruiting fund managers. Jonathan, David and their sales team strengthen the distribution capability at Liontrust, notably in continental Europe, the Middle East and other international markets. This is the next step in the development of Liontrust, said John Ions, Chief Executive of Liontrust. The business now has the foundations from which to grow following the restructuring of the business, developing the brand, raising awareness and returning to net inflows. Having re-established these fundamentals, now is the right moment at which to make this acquisition, expanding our fund management capability and diversifying into new asset classes which are experiencing increasing investor interest. This acquisition greatly enhances Liontrust and provides a stronger foundation from which to grow, benefiting clients and shareholders alike. Jonathan Hughes-Morgan, Chief Executive of Occam, added: There is a good fit between Occam and Liontrust. John and I have known each other for many years and have like-minded views on the investment management industry. There is a can-do attitude at both companies and bureaucracy is minimised so decisions can be made quickly and be rapidly implemented. Liontrust is attractive because it is a business with positive momentum, has an increasingly strong brand and has excellent fund management teams. Liontrust provides greater resources and infrastructure for us, giving us a broader base from which to move forward.

For further information, please contact: Simon Hildrey, Head of Marketing and Communications 020 7412 1778 or 07958 917528 Notes for Editors: Liontrust Asset Management, which was founded in 1994, is an independent fund management group whose shares are quoted on the London Stock Exchange. Liontrust manages 1.3 billion (as of 14 June 2011) in UK and European equities. Background on Occam Fund Managers Eoghan Flanagan - Fund Manager and Head of Emerging Markets Equities Eoghan joined Occam as Head of the Emerging Markets team in February 2009. Eoghan started his career with Baring Asset Management as an Emerging Markets Analyst in 1997. In 2000, he was cofounder of the Thames River Nevsky team. Eoghan was a key manager of the Thames River Nevsky Fund from inception until he ceased to be actively involved with the management of the fund in September

2006. He also co-managed the Thames River Eastern European Fund (TREEF). Both the Nevsky Fund and TREEF were top-rated funds within their universes. He remained a Partner in that business until the end of 2008. Eoghan graduated with a degree in Mathematics from Cambridge University in 1997. James Mellersh - Fund Manager, Emerging Markets Equities James joined the Emerging Markets team at Occam in February 2009. He started his career with Socit Gnrale as a Polish Equity analyst in 1996 and moved to Morgan Stanley in 1999 as an EMEA Financials Analyst. He spent a year working in a multi sector risk arbitrage fund at Rourke Capital Management before joining the Thames River Nevsky team in 2002 as GEM Financials Analyst. James was a partner in Nevsky Capital until late 2007. James graduated from London University in 1993 with a BA in History and in 1995 with an MA in Slavonic Studies. Mark Williams - Fund Manager and Head of Asia Equities Mark Williams joined Occam in October 2007. After leaving Cambridge University, Mark started his career in 1993 with James Capel Investment Management where he ran global investment mandates for discretionary portfolios. From August 1997, Mark joined Royal Sun Alliance to specialise in Asian investment, where he managed a number of mandates, including benchmark-measured, investment trust and peer group funds. In 2000 Mark took over the FPI GIP Far East Equity SICAV, then following the merger of ISIS Asset Management (born from the merger of Royal Sun Alliance and Friends Ivory & Sime) and F&C, he took over responsibility for the F&C Pacific Growth Fund, F&Cs flagship high alpha retail fund. Mark graduated in 1993 with a Law degree from Cambridge University. He holds a Securities Institute Diploma. Background on Jonathan Hughes-Morgan Jonathan Hughes-Morgan, Chief Executive Officer of Occam, will join the board of Liontrust as an Executive Director. Jonathan began his career as a trainee fund manager with Henderson, moving after four years to Sun Life as a fund manager. Following spells at Odey Asset Management and Edmond de Rothschild, Jonathan joined Jardine Fleming to run their European business for three years. In 1998 he co-founded Thames River Capital with Charlie Porter. Jonathan was Managing Director of Thames River, leaving at the end of 2006 to set up Occam. Jonathan graduated from the University of Warwick with a degree in Management Science. Background on David Sheppard David spent seven years at SG Corporate Investment Bank heading the Thomsons Reuters number 1 rated European sales and trading team in London. Previously he was head of international sales at Gartmore Investment Management where he was responsible for UCITS product development and distribution. David started working in strategy consulting with Cap Gemini focusing on European financial services companies, subsequently moving to Fleming Asset Management where he was responsible for asset gathering and product development in Continental Europe. David graduated from the University of Portsmouth with a degree in French, and holds a Masters degree from Cranfield School of Management.