Launch of New Stockbroking Subsidiary

Old Mutual PLC
10 May 2000


                              OLD MUTUAL PLC
                                     
    Launch of new UK institutional stockbroking subsidiary - Old Mutual
                                Securities

A  major  new name in UK stockbroking is being created by Old  Mutual  plc
('Old  Mutual'), the life assurance and financial services group,  through
the  merger  of  its  subsidiary, Albert  E  Sharp  Securities,  with  the
institutional broking and corporate finance division of Greig Middleton.

The new City-based firm will have around 120 staff - of whom approximately
70  are in London, 40 in Birmingham, and 10 in other UK offices - and will
be  focussed  on supporting the growing demand for advisory services  from
smaller and mid-cap UK companies.

Creation  of  Old Mutual Securities follows the acquisition  of  Albert  E
Sharp  by  Old  Mutual  in  August 1998 and the  recently-completed   £525
million  takeover  by Old Mutual of Gerrard Group plc, parent  company  of
Greig Middleton.

Under  the  leadership of Edmond Warner, who was appointed Chief Executive
in  August 1999, Albert E Sharp Securities has broadened significantly its
business, from its traditional base in manufacturing industry to embrace a
number  of 'new economy' sectors, begin market making, and strengthen  its
corporate broking and corporate finance capabilities.

Since  his arrival last year, Edmond Warner - previously Head of  European
Equities  at  BT  Alex  Brown  -  has  strengthened  the  firm's  research
capability  with a number of senior analyst appointments, including  James
Montier  (global  strategy);  George O'Connor (technology);  Greg  Feehely
(leisure);  Simon Lapthorne (media) and Philip Morrish (chemicals).  Other
recruits  include  Mike Pauk (Head of Trading) and Graeme  Cull  (Head  of
Corporate Broking).

Through  the merger with Greig Middleton, the enlarged firm will now  have
research  capabilities in a number of further new sectors, including  bio-
technology, oil exploration and production, and telecommunications.  Greig
Middleton also has a significant presence in corporate finance,  where  it
has  recently completed transactions for clients including Applied Optical
Technologies, Fibernet and LA Fitness.

For  the future, Old Mutual sees considerable scope to continue the growth
of  its  newly  merged  securities business, as an integral  part  of  its
strategy  to  grow the group's financial services activities  outside  the
South African base of its core life assurance operation.


In  particular, there are a number of additional sectors where Old  Mutual
Securities is seeking to provide research coverage, and there are plans to
develop  its  international sales and to further strengthen its  corporate
client base.

The  new firm will operate from 30 May, when its research capability  will
span  300 companies in 15 sectors, its traders will make markets  in  some
200  stocks,  and it will have a corporate client list of  more  than  100
companies.

Eric Anstee, Finance Director of Old Mutual, comments:

'I  am  delighted  that  we are now building on the successful  growth  of
Albert  E  Sharp under our ownership by this merger with Greig  Middleton.
This  represents  the  first  integration  of  the  former  Gerrard  Group
businesses with existing Old Mutual operations and reflects the  synergies
between  the two group's activities, which we highlighted at the  time  of
the acquisition announcement.'

Edmond Warner, Chief Executive of Old Mutual Securities, adds:

'With  Old Mutual's support, we have the critical mass and market position
to  continue  building Old Mutual Securities into  a  major  force  in  UK
stockbroking,  so  filling the gap left by those  UK  brokers,  bought  by
European  banks,  who have sought to expand in Europe at  the  expense  of
their traditional UK client base.'



ENQUIRIES:

Old Mutual PLC                                    Tel: [phone]
Eric Anstee, Finance Director
James Poole, Director of Corporate Communications

Old Mutual Securities                             Tel: [phone]
Edmond Warner, Chief Executive

College Hill                                      Tel: [phone]
Gareth David                                 Email: [e-mail]