Old Mutual (US) Holdings AUM

Old Mutual PLC
29 January 2002


                                 OLD MUTUAL PLC


                            Old Mutual (US) Holdings

                 Assets under Management as at 31 December 2001


Old Mutual (US) Holdings, the U.S. holding company for Old Mutual's US asset
management businesses, has reported a net inflow of client assets in 2001 of
US$4.4 billion, or 2.5% of total assets as at December 31, 2000.  That gain was
offset by a decline of US$9.4 billion or 5.3% in assets as a result of market
movements and by an additional US$23.0 billion or 12.9% from the divestitures of
non-strategic affiliates.  On 31 December 2001, total assets under management
were US$149.9 billion compared to US$177.9 billion on 31 December 2000, an
overall decrease of 15.7%.

The total assets under management at 31 December 2001 were split US$76.7 billion
Old Mutual Asset Managers (US) ('OMAM(US)'), US$12.6 billion Pilgrim Baxter &
Associates and US$60.6 billion other Old Mutual affiliates.

OMAM(US) achieved a strong performance in 2001, with net inflows of client
assets of US$6.5 billion, an overall increase of 2.3%. Pilgrim Baxter had net
inflows of client assets of approximately US$800 million for the year, despite
the challenging market environment.

Strategic planning with other Old Mutual affiliates resulted in seven firms
being sold to their existing management teams and two firms reaching agreement
to be acquired by third parties.

Scott Powers, Chief Executive of Old Mutual's U.S. asset management operations
said:

'The U.S. asset management operations of Old Mutual in 2001 produced their best
performance in winning client mandates since 1993. The difficult markets of 2001
served to highlight some of our key strengths: the diversity of investment
approaches employed by our firms, the depth of experience in our firms'
investment management teams, and a structure that allows those investment teams
to do their best work by operating autonomously.  In 2002 we'll continue to
sharpen our focus and develop distribution synergies among our firms to take
advantage of all those strengths.'


29 January 2002

ENQUIRIES:


Old Mutual plc, London                                   Tel: + 44 20 7569 0100
James Poole, Director Investor Relations

College Hill, London                                     Tel: + 44 20 7457 2020
Nicholas Williams

Old Mutual (US) Holdings                                 Tel: + 1 212 207 9451
Tucker Hewes, Hewes Communications

College Hill, Johannesburg                               Tel: + 27 11 447 3030
Robyn Hunt


Notes to Editors


Old Mutual (US) Holdings

Old Mutual's U.S. asset management businesses include Old Mutual Asset Managers
(US) ('OMAM(US)'), Pilgrim Baxter & Associates, and other asset management
affiliates acquired by Old Mutual as part of its acquisition of United Asset
Management Corporation ('UAM') in September 2000.  Following the acquisition,
Old Mutual moved to reorganize the principal operating companies of UAM to
refocus key businesses and re-incentivise performance.  Although UAM had grown
successfully through acquisitions prior to becoming part of Old Mutual, UAM
firms overall had experienced negative net cash flows of client assets during
the calendar years 1994 through 2000.


OMAM(US)

Key steps undertaken by Old Mutual in 2001 included the establishment of OMAM
(US), which comprises seven investment affiliates covering a broad spectrum of
complementary, non-overlapping asset classes and investment styles.  In joining
OMAM(US), the seven firms agreed to modify their economic relationship with Old
Mutual from a revenue-sharing to a profit-sharing basis, and to seek
opportunities to work together cooperatively for the benefit of their clients
and staff. More information on OMAM(US) and its companies is available at http:/
/www.omam.com.


Pilgrim Baxter

After restructuring its revenue-sharing agreement with Old Mutual in November
2000, Pilgrim Baxter took steps in 2001 to expand the breadth of investment
strategies available within its PBHG Funds group by introducing five new mutual
funds sub-advised by other Old Mutual affiliates.  Primarily a growth-focused
investment manager since its founding in 1982, Pilgrim Baxter began offering
value strategies in 1996, the success of which contributed significantly to the
firm's performance in 2001. More information on Pilgrim Baxter and the PBHG
Funds is available at www.pbhgfunds.com.


Old Mutual Affiliates

Old Mutual worked cooperatively with investment affiliates in 2001 to determine
the optimal future strategy for each firm's long-term development.  As part of
the ongoing review process, particular emphasis has been placed on strategic
issues including succession planning, re-equitisation of firms and restructuring
of incentives, and development of structures to support continuity of management
and investment teams. More information on the firms that continue to be aligned
with Old Mutual is available at http://www.uam.com.


Old Mutual plc

Old Mutual plc is an international financial services company based in London,
with operations in asset management, life assurance, banking and general
insurance.  The company is listed on the London Stock Exchange with a market
capitalization of approximately US$5.1 billion as of January 25, 2002.  More
information on Old Mutual is available at www.oldmutual.com.



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