Restructure

Old Mutual PLC
7 November 2000


                     OLD MUTUAL PLC
                            
      Old Mutual restructures its wholesale banking
                       operations
                            
                            
Following a strategic review by Old Mutual plc of Gerrard
&  King Limited, (one of the Gerrard Group businesses  it
acquired  in March 2000) Old Mutual has decided to  merge
the  domestic equity and gilt stock borrowing and lending
operations   of  Gerrard  &  King  with  the   equivalent
international businesses within GNI.

This  will  create  an  expanding centralised  collateral
management  operation,  which  will  be  well  placed  to
respond to changes in the needs of its counterparties and
to  developments  in  the market place.  Old  Mutual  has
identified  considerable opportunities to  develop  GNI's
service and product range to its global customer base.

Gerrard  &  King will, however, be withdrawing  from  its
other money market and banking operations, and, over  the
next  few weeks, will be carrying out an orderly run down
of  these  business  areas.  Gerrard &  King  expects  to
return its banking licence early in the New Year.

The  Bank  of  England and the FSA have been  kept  fully
informed  of  the plans for a realignment  of  Gerrard  &
King's  businesses and it is expected  that  the  changes
will  be  largely completed by the turn of the year.  Old
Mutual plc has undertaken to provide Gerrard & King  with
all  necessary  financial resources to  facilitate  fully
this process.

Gerrard  &  King  continues to trade profitably  and  Old
Mutual's  decision is based solely on a close examination
of  the  future returns likely to be available from  this
specialised banking business.

There  are  expected to be a number of redundancies  from
among  Gerrard  & Kings staff of 53 but, where  possible,
staff  will be re-deployed in the newly-merged collateral
management operation in GNI.



Enquiries:

James Poole                           Tel:[phone]
Director Investor Relations and Corporate Communications

Gareth David                          Tel: [phone]
College Hill Associates