NIB/Templeton

Old Mutual PLC
1 August 2000
                  
                           
                     Old Mutual plc
                            
               Nedcor Investment Bank and
             Franklin Templeton Investments
    create Asset Management Business in South Africa
                            
                            
Old  Mutual plc draws attention to the announcement  made
today  by  Nedcor Investment Bank ('NIB')  regarding  the
merger  of  NIB  Asset Management with the South  African
activities of Franklin Templeton. NIB is a subsidiary  of
Nedcor Limited, the South African Banking Group, in which
Old Mutual plc has a 53.3 percent holding.



ENQUIRIES:

Old  Mutual plc                   Tel: [phone]
James Poole, Director of Corporate Communications

College Hill (London)             Tel: [phone]
Nicholas Williams

College Hill (Johannesburg)       Tel: [phone]
Kim Milnes