Jim Sutcliffe to Join as Chief Executive

Old Mutual PLC
30 November 1999

                          Old Mutual plc



Old Mutual plc is pleased to announce that Jim Sutcliffe, aged 43,
is to join its board as Chief Executive, Life, with effect from 24
January  2000.   Mr Sutcliffe will be responsible for all  of  the
Group's  life  businesses, building on the  track  record  of  its
primary  business  in  South Africa and developing  its  interests
around the world.

Until  recently,  Mr  Sutcliffe was  Deputy  Chairman  of  Liberty
International plc, having previously been Chief Executive, UK, for
Prudential  plc  and Chief Operating Officer of Jackson  National,
Prudential's US subsidiary.

Mike Levett, Chairman, said,

'We  are extremely pleased to have Jim Sutcliffe joining our  team
with  his  outstanding  ability, experience  and  stature  in  the
industry.   Jim  and Eric Anstee, our Group Finance Director,  who
continues  to be responsible for certain of the Group's  financial
services  businesses,  including asset management  and  Capel-Cure
Sharp, give us a very powerful management team for the future.'


ENQUIRIES:

Old Mutual
Mike Levett, Chairman & Chief Executive       Tel: + 27 21 509 2005
James  Poole, Director, Investor Relations    Tel: +  44 171 569 0121

College Hill - London                         Tel: + 44 171 457 2020
Alex Sandberg
Gareth David

College Hill - Johannesburg                   Tel: + 27 11 447 3030
Graham Fiford


NOTES TO EDITORS:

Old Mutual plc is an international financial services group, based
in  London, with a substantial life assurance business in southern
Africa  and  an  integrated  portfolio  of  activities  in   asset
management  (including  unit trusts and portfolio  management  and
stockbroking services), banking and general insurance.


*On   12   July  1999,  Old  Mutual  plc  listed  on  the  London,
 Johannesburg, Namibia, Malawi and Zimbabwe Stock Exchanges

* On 20 September, Old Mutual joined the FTSE 100 Share Index.

*Together  with its two listed subsidiaries, Nedcor and  Mutual  &
 Federal, Old    Mutual is the leading financial services group in
 southern Africa, measured by total assets.

*The  Group's  strategy  is to deliver shareholder  value  through
 growing   and   improving  the  profitability  of  its   existing
 businesses  and  expanding  its  international  asset  management
 activities.

*In  the  UK,  Old  Mutual's interests include  Old  Mutual  Asset
 Managers   ('OMAM'),  Capel  Cure  Sharp  and  Albert  E.   Sharp
 Securities.  Approximately 2,000 of the Group's 42,000  employees
 world-wide are in the UK.

*Based on a current total of 3,444,624,230 shares in issue, at the
 recent  price  share  price of 130p,  Old  Mutual  had  a  market
 capitalisation of £4.5 billion.

*As at 30 June 1999, Old Mutual's embedded value was £4.7 billion,
 an increase of 34% over the value at 31 December 1998.

*Total  third  party funds under management, as at 30  June  1999,
 were in excess of £40 billion.

*The  Group  has  approximately 3.2 million life policyholders,  2
 million    banking    customers,   270,000   general    insurance
 policyholders and 790,000 unit trust accounts, with some of these
 customers being customers of more than one of the businesses.

Life Assurance

* The  Group provides life, disability, health, retirement savings
  and  investment  products  to individuals  and  groups  and  has
  approximately 30% of the South African life assurance market.

* Old  Mutual  has  a portfolio of strong brands and  one  of  the
  largest  financial  services  distribution  networks  in   South
  Africa,  with approximately 4,900 full-time and salaried  agents
  and arrangements with more than 6,000 brokers.

* Old  Mutual  International  is the  offshore  and  international
  investment  subsidiary providing individually tailored  offshore
  investments,  life assurance and unit trusts,  meeting  personal
  financial  needs  of  clients  around  the  world.  It  provides
  services from product companies based in Guernsey.

Asset Management

* Old   Mutual  Asset  Managers  provides  a  multi-country  asset
  management  capability with specific local and global investment
  and asset management expertise.

* Old  Mutual  Unit Trusts is the leading unit trust  provider  in
  South  Africa  with unit trust assets under management  of  £1.2
  billion as at 31 December 1998.

* In  the  UK, Capel Cure Sharp is a leading provider of portfolio
  management   and   stockbroking  services  to   high   net-worth
  individuals in the UK, with assets under management at  30  June
  1999 of £10 billion.

Banking

* Old  Mutual's  banking  business  is  conducted  principally  by
  Nedcor,  in  which  the  Group has a 53.5 per  cent  controlling
  interest. Nedcor is one of the highest rated banks listed on the
  Johannesburg Stock Exchange, and its activities include  retail,
  commercial,   corporate  and  investment   banking   and   asset
  management.

* Nedcor  distributes  its  products  through  a  wide  range   of
  distribution channels, including its approximately 435  branches
  and approximately 900 ATMs as well as the South African national
  network of ATMs.
               
* Nedcor  is a leader in the application of information technology
  in  the  South  African financial services industry,  which  has
  enabled  it  to target growing areas of e-commerce and  continue
  its focus on lowering its cost/income ratio.

General Insurance

* Old Mutual holds a 51% controlling interest in Mutual & Federal,
  which  writes  motor,  fire, accident,  engineering  and  marine
  business. M & F is one of the largest general insurers in  South
  Africa and is listed on the Johannesburg Stock Exchange.

* Mutual  &  Federal  distributes its products  primarily  through
  brokers and Old Mutual's full-time agents. Mutual & Federal also
  has operations and interests in Namibia, Botswana and Zimbabwe.