Gerrard Board Appointments

Old Mutual PLC
15 January 2002


                                OLD MUTUAL PLC


New Board introduced at Gerrard

Gerrard Limited (Gerrard), a wholly owned subsidiary of Old Mutual Financial
Services (UK) plc, which in turn is a subsidiary of Old Mutual plc (Old
Mutual), has today announced four new appointments to its Board.

The full text of the Gerrard announcement is as follows:

One of the UK's leading private client investment managers, Gerrard, has today
announced four new appointments to its Board, and a re-distribution of
executive responsibilities to increase the company's focus on client needs and
the sales and marketing functions of the business.

Tim May will be joining Gerrard as Chief Operating Officer from the Investec
Group, where he was Head of IT and Settlements in the UK.  Previous to that,
Tim was Operations Director at Carr Sheppards Crosthwaite Limited. He will
bring a depth of understanding of the operational requirements of a private
client investment management business, so that the settlements, administration
and support functions complement the client-facing departments effectively.

Jim Julyan has been appointed Sales and Marketing Director.  Jim has a long
and successful track record in financial services, and joins from an
assignment in South Africa where he has been working with Old Mutual to launch
a new high income financial planning service.  Previously, Jim established and
managed a new high net worth division for Prudential Assurance Company in
London.

Jim has over 25 years' experience in financial services, including senior
positions at Nationwide Building Society, American Express and Prudential
Assurance.  He has particular expertise in and understanding of the range of
sales and distribution channels available to Gerrard, and in his new role he
will direct the company's external, client-driven focus.  Jim will be
responsible for marketing, sales and financial services.

Mike Bolsover joins Gerrard as Human Resources and Business Strategy Director.
Mike was previously at HSBC, where he held a variety of posts within Europe,
including Head of Strategic Development and Planning, and Head of HR
Operations and Development.  This appointment reflects the central position
Gerrard gives to the recruitment, retention and development of its employees.

Jonathan Sieff joins Gerrard from its sister company, Gerrard Private Bank,
where he was Joint Chief Executive, to take up a new post as Products and
Services Director.  Jonathan was instrumental in the purchase of Fleming
Offshore Banking, which was relaunched as Gerrard Private Bank last year.  He
will be responsible for research, investment strategy and new product
development, and his appointment will strengthen Gerrard's emphasis on
developing high quality, innovative wealth management solutions for its
clients.


Edmond Warner, Chief Executive of Old Mutual Financial Services (UK) plc, has
been appointed Chairman of Gerrard.  James Thornton, Finance Director of Old
Mutual Financial Services (UK) plc, is Deputy Chairman.  In addition to the
four new appointments announced today, the other Board members are:

Executive Directors

Stephen Clark, Chief Executive

Paul Stockton, Finance Director

Stan Vinter, Chief Administration Officer


Plus

Michael Archibald, Private Clients Operations Director

Chris Moorsom, Vice Chairman and Managing Director


Announcing these Board changes to Gerrard's staff earlier today, Stephen
Clark, Chief Executive, commented:

'Today marks the start of the next stage in Gerrard's evolution as the leading
private client investment manager in the UK.  Having successfully completed
the merger of Capel Cure Sharp and Greig Middleton last year, it is now time
for Gerrard to look to the future.  With these changes, we will be focusing on
using Gerrard's extensive regional network to bring City expertise to the
doors of our clients locally.

'That we have been able to attract such experienced and high calibre
executives reflects the potential Gerrard has to become the undisputed market
leader in our sector.  Jim, Mike, Tim and Jonathan share my excitement about
the opportunities available for us to benefit our clients, supporting
intermediaries and shareholder.

'The Board of Gerrard now has the right combination of experience and fresh
perspectives to shift our emphasis from the internal issues of the merger to
the external challenges of successfully serving our clients and growing our
business.'

Edmond Warner, Chief Executive of Old Mutual Financial Services (UK) plc and
Chairman of Gerrard, added:

'Gerrard operates in an increasingly competitive marketplace, and to realise
its potential as a major force in investment management for private clients,
experienced management and clear direction are essential.  These new
appointments and the re-alignment of Gerrard's Board will help us to achieve
significant growth in revenues and efficiency, while the continuity of
leadership provided by Stephen Clark will keep Gerrard focused on its unique
strengths.  I look forward to working with the new team.'

                                                               15 January 2002


ENQUIRIES:

Old Mutual Plc

London                        Tel: [phone]
James Poole

Cape Town                     Tel: [phone]
Bruce Allen


College Hill

London                        Tel: [phone]
Gareth David

Johannesburg                  Tel: [phone]
Robyn Hunt


High resolution photographs of Gerrard's new Executive Board can be downloaded
free of charge from www.newscast.co.uk.  More detailed biographies and
individual photos of the executives are available on request from Gerrard's
Corporate Communications team.  Please telephone [phone].

Notes to Editors:

Gerrard

The new appointments are subject to regulatory approval.

The proposed Gerrard board comprises:

Edmond Warner, Chairman

James Thornton, Deputy Chairman

Stephen Clark, Chief Executive

Mike Bolsover, Human Resources and Business Strategy Director

Jim Julyan, Sales and Marketing Director

Tim May, Chief Operating Officer

Jonathan Sieff, Products and Services Director

Paul Stockton, Finance Director

Stan Vinter, Chief Administration Officer

Michael Archibald, Private Clients Operations Director

Chris Moorsom, Vice Chairman and Managing Director

Gerrard is one of the largest private client investment managers in the UK,
with over £18 billion funds under management (as at 30th November 2001).  It
employs 1,700 staff in 30 offices throughout the UK.  Its core business is
discretionary portfolio management.  Gerrard also provides advisory portfolio
management services, full financial planning and offshore investment services,
as well as pensions and charities fund management.  Further information can be
found at: www.gerrard.com


Gerrard Limited is a wholly owned subsidiary of Old Mutual Financial Services
(UK) plc, which in turn is a subsidiary of Old Mutual plc, a member of the
FTSE 100.  Gerrard Limited is regulated by The Financial Services Authority
and is a member of the London Stock Exchange.


Gerrard Private Bank

Gerrard Private Bank (GPB) was created by the acquisition of Fleming Offshore
Banking by Nedcor Bank, 51% - owned by Old Mutual, in May 2001, and the
subsequent proposal to merge Old Mutual's Guernsey Trust company subsidiary,
the Fairbairn Trust Company into GPB.  GPB offers offshore private banking,
investment and fiduciary services globally for high net worth clients.

Old Mutual plc

Old Mutual plc is a leading UK-based financial services group with substantial
life assurance, general insurance and banking operations in Southern Africa
and worldwide interests in life assurance and asset management.  Total funds
under management at 30th June 2001 totalled over £165 billion.