New Asset Management Division

Old Mutual PLC
19 June 2000

Capel Cure Sharp and Greig Middleton, Old Mutual's private client businesses
(which are soon to merge), have today announced that they are to establish a
new institutional asset management division.
The new UK-based management division has recruited a team of six high calibre
asset managers, currently at Hill Samuel Asset Management, and led by John
Ainsworth who will join Capel Cure Sharp from 1 August 2000.  John Ainsworth
will be the Chief Executive Officer of the new asset management division,
which will be known as Gerrard Asset Management.  He will also become the
Investment Director for the combined Capel Cure Sharp and Greig Middleton
businesses.