OMAM US & ForstmannLeff

Old Mutual PLC
02 November 2005


                                 Old Mutual plc
                                       
    Old Mutual Asset Management and ForstmannLeff Withdraw Acquisition Plans

Boston, MA, November 1, 2005 -- Old Mutual Asset Management, the U.S. asset
management group of Old Mutual plc (LSE: OML), and New York-based investment
management firm ForstmannLeff today announced they have mutually agreed to
withdraw plans for Old Mutual Asset Management to acquire ForstmannLeff. Under
an agreement originally announced on October 5, 2005, Old Mutual Asset
Management would have acquired the majority interest in ForstmannLeff held by
Refco Group Holdings.

'We continue to have high regard for ForstmannLeff's investment capabilities,
but believe the uncertainty now surrounding the firm's current majority owner
poses challenges for completing the transaction in a timely and effective
manner,' said Scott Powers, chief executive of Old Mutual Asset Management.
'Given the new developments, we have mutually agreed with ForstmannLeff to
withdraw plans announced last month for ForstmannLeff to join Old Mutual Asset
Management.'

                   PBHG Funds and PBHG Insurance Series Fund
The Board of Trustees of the PBHG Funds and PBHG Insurance Series Fund ('Funds')
previously approved Old Mutual Capital, Inc. ('OMCAP') as the new investment
adviser to the Funds, subject to shareholder approval. The Board had also
approved ForstmannLeff as a sub-adviser to certain of the Funds' portfolios
currently advised by Liberty Ridge Capital, subject to shareholder approval.
OMCAP and Liberty Ridge Capital are subsidiaries of Old Mutual Asset Management.
As Old Mutual Asset Management will not be acquiring ForstmannLeff, the Board
has retained an independent investment consulting firm to assist in their
evaluation of options for management of the Funds that are currently advised by
Liberty Ridge Capital. Liberty Ridge Capital will continue in its role as
investment manager for those Funds as the Board considers its options for
sub-advisers to the portfolios. The Board's previous approval of other
sub-advisers and OMCAP as investment adviser to the Funds' portfolios is not
affected.

                            Old Mutual Advisor Funds
The Board of Trustees of the Old Mutual Advisor Funds ('OMAF Funds') previously
approved ForstmannLeff as a sub-adviser to certain of the OMAF Funds' portfolios
currently sub-advised by, among other managers, Liberty Ridge Capital, subject
to shareholder approval. As Old Mutual Asset Management will not be acquiring
ForstmannLeff, the OMAF Funds' Board will evaluate management's recommendations
and consider its options for management of those assets.

                       About Old Mutual Asset Management
Old Mutual Asset Management consists of over 20 distinct, boutique firms,
including asset managers that specialize in high-quality, active investment
strategies for institutional and individual investors. The group's member firms
managed in aggregate $223.7 billion as of September 30, 2005. The group's parent
is Old Mutual plc, an international financial services company based in London,
with operations in asset management, life assurance, banking and general
insurance. More information on Old Mutual Asset Management, its member firms and
their investment teams and strategies, is available from the group's Web site at
www.oldmutualus.com.

                 About Liberty Ridge Capital and the PBHG Funds
Liberty Ridge Capital, founded in 1982, is a boutique investment firm with its
history rooted in the institutional investment management business. Based in
Wayne, Pennsylvania, the firm specializes in active core and growth domestic
equity investment strategies. More information on Liberty Ridge Capital is
available at www.libertyridgecapital.com. PBHG Funds offer a variety of mutual
funds that include diversification options across the spectrum of market
capitalization and investment categories, including growth, value, blend,
specialty and fixed income. More information on the PBHG Funds is available by
phone at [phone] or at www.pbhgfunds.com.

The PBHG Funds, PBHG Insurance Series Fund, and Old Mutual Advisor Funds are
distributed by Old Mutual Investment Partners (OMIP) and are available only by
prospectus. To obtain a prospectus, which includes more complete information
about the funds, including investment objectives, risks, charges and expenses,
please contact your financial advisor or OMIP at [phone]. The prospectus
should be read carefully before investing.

Media contact:
Tucker Hewes, Hewes Communications, Inc., [phone], [e-mail]

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