Re Agreement

Old Mutual PLC
06 October 2005


OLD MUTUAL PLC

ISIN CODE:  GB0007389926

JSE SHARE CODE: OML

NSX SHARE CODE: OLM

ISSUER CODE:  OLOML


ForstmannLeff to Join Old Mutual Asset Management


Boston, MA, October 5, 2005 -- Old Mutual Asset Management, the U.S. asset
management group of Old Mutual plc (LSE: OML), and ForstmannLeff, a New
York-based investment management firm specializing in small-, mid- and
large-capitalization domestic equity investment strategies, today announced an
agreement under which ForstmannLeff will join the Old Mutual Asset Management
group of companies.


Under the terms of the agreement, Old Mutual will acquire the majority interest
in ForstmannLeff currently held by Refco Group Holdings, while ForstmannLeff
employees will increase their ownership stake in the firm to 40%. Following the
closing of the acquisition on or about October 31, certain investment
professionals of Old Mutual affiliate Liberty Ridge Capital will join
ForstmannLeff. Financial terms of the agreement were not disclosed.


'ForstmannLeff's high-quality growth and core domestic equity strategies greatly
strengthen our position in these areas of the market,' said Scott Powers, chief
executive of Old Mutual Asset Management. 'The success ForstmannLeff has
achieved has been driven by the experience, depth and stability of its
investment teams, the superior operating platform put in place by the firm's
leadership, and an ownership structure which aligns employee interests with
those of the firm's clients. These key elements, combined with the rigorous
fundamental research for which ForstmannLeff is known, make the firm an
outstanding addition to our group.'


ForstmannLeff is led by Richard Goldman, president and chief executive officer;
Thomas Galvin and William Potter, co-chief investment officers of the Large, Mid
& All Cap Growth team; Beth Dater, chief investment officer of the Small & SMid
Cap Growth team; Nancy Tooke, CFA, chief investment officer of the Small & Mid
Cap Core team; and Mark Bergen, chief operating officer and chief financial
officer. The firm's 23 investment professionals managed a total of $4.7 billion
on behalf of clients as of June 30, 2005. Following the closing of the
acquisition, professionals joining ForstmannLeff from Liberty Ridge Capital will
establish new ForstmannLeff investment teams based in Wayne, Pennsylvania.
Jerome Heppelmann will lead the Large & All Cap Core team, and Sam Baker will
lead a Specialty Small Cap team.


Like all member firms of Old Mutual Asset Management, ForstmannLeff will
maintain its operating independence and investment autonomy after joining Old
Mutual, while having access to operational support from Old Mutual in
non-investment areas, such as product development, marketing and distribution;
technology, human resources, and financial management; and legal, compliance and
risk management.


'Our strategic partnership with Old Mutual will allow us to maintain our
unwavering commitment to delivering the highest quality investment products to
our clients,' said Mr. Goldman. 'This commitment places the highest priority on
rigorous fundamental research and investment discipline, while providing a
highly desirable environment for our exceptional investment talent. We are
solidifying an environment that supports and energizes our teams to deliver and
exceed the results our clients expect.'


PBHG Funds and PBHG Insurance Series Fund

Separately, the Board of Trustees of PBHG Funds and PBHG Insurance Series Fund
notified shareholders of plans to seek shareholder approval to appoint Old
Mutual affiliate Old Mutual Capital to replace Liberty Ridge Capital as
investment advisor to each of the Trusts and, at the same time, to appoint
ForstmannLeff as sub-advisor to the 11 PBHG Funds and eight PBHG Insurance
Series Fund portfolios currently managed by Liberty Ridge Capital.  Prospectus
supplements for the Trusts outline the Board's approval of interim investment
advisory and sub-advisory appointments to be effective with the closing of the
ForstmannLeff acquisition on or about October 31, 2005, and plans to rename PBHG
Funds to Old Mutual Advisor Funds II and PBHG Insurance Series Fund to Old
Mutual Insurance Series Fund. In addition, the prospectus supplements indicate
that new fee arrangements will reduce the advisory and administrative services
fees paid by most of the Funds, as well as the expense caps on most of the
Funds. Shareholder approval of the new investment advisory and sub-advisory
appointments will be sought at a special meeting planned for December.


'The Trustees for PBHG Funds and PBHG Insurance Series Fund have indicated they
will propose to fund shareholders that the funds follow a model that separates
the day-to-day responsibilities for the group's overall investment supervisory,
compliance and administrative functions from the portfolio management functions
to be executed by the sub-advisor for each fund,' said David Bullock, chief
executive officer of Old Mutual Capital. 'Such a structure allows the
sub-advisor for each fund to focus exclusively on investment management, while
Old Mutual Capital focuses on oversight responsibilities for each fund and
provides all other administrative and shareholder-service functions for the fund
family. An additional benefit for shareholders will be expense reductions for
most of the funds, which will be detailed in a communication to shareholders
planned for November.'


Old Mutual Advisor Funds

Denver-based Old Mutual Capital has served as investment advisor to the Old
Mutual Advisor Funds, a fund family featuring investment management by Old
Mutual's U.S. member firms, since the new group was introduced last year. The
Board of Trustees for the Old Mutual Advisor Funds notified shareholders of the
Board's approval of the interim appointment of ForstmannLeff to replace Liberty
Ridge Capital among sub-advisors providing investment management services to the
group, to be effective with the closing of the ForstmannLeff acquisition.
Subject to the final approval of fund shareholders at a special meeting planned
for December, ForstmannLeff would join 10 other Old Mutual member firms managing
portions of the group's four asset allocation funds, which were introduced in
September 2004.


About ForstmannLeff

ForstmannLeff, founded in 1968 and based in New York City, manages growth and
core domestic equity portfolios for a broad client base including Fortune 100
corporate pension and profit sharing plans, public pension funds, major U.S.
endowments and foundations, Taft-Hartley funds, jointly-trusteed employee
benefit accounts, and high net worth individuals and families. The firm's
investment approach is characterized by intensive fundamental research, a
disciplined investment process, rigorous risk controls, and distinct investment
teams organized with specific specializations by asset class and capitalization
range. The firm's 23 investment professionals managed a total of $4.7 billion on
behalf of clients as of June 30, 2005. More information on ForstmannLeff is
available at www.forstmannleff.com.


About Old Mutual Asset Management and Old Mutual Capital

The member firms of Old Mutual Asset Management provide high-quality, actively
managed investment products in all major asset classes and investment styles,
with each firm focusing on its own specialized area of expertise. The group's
member firms managed in aggregate $209 billion as of June 30, 2005. Denver-based
Old Mutual Capital was established in 2004 to serve as the group's full-service
mutual fund and managed account complex. 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 the group's member firms, and their investment teams and
strategies, is available at www.oldmutualus.com.



The PBHG Funds, the PBHG Insurance Series Fund, and the 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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