Sale of Pell Rudman

Old Mutual PLC
27 April 2001

                                Old Mutual plc

                  Sale of Pell Rudman & Co, Inc to AMVESCAP

Old Mutual plc ('Old Mutual') today announced that it has signed a definitive
agreement to sell Pell Rudman & Co, Inc. ('Pell Rudman') of Boston to
AMVESCAP. Pell Rudman provides asset management services to high net worth
individuals, families and foundations and endowments.

Pell Rudman became a part of Old Mutual last year through Old Mutual's
acquisition of Boston-based United Asset Management Corporation. The net
assets of Pell Rudman were included in the 'net assets of businesses acquired
for resale' in the accounts of Old Mutual for the year ended 31 December 2000.

The sale will be met through a cash payment of $172 million and potential
further payments of up to $28 million over two years. The transaction is
subject to regulatory approval and is expected to close in the third quarter
of 2001.

Eric Anstee, Chief Executive Financial Services, Old Mutual said:

'The sale of Pell Rudman allows us to focus our U.S. asset management
activities on our core strategies. We wish Pell Rudman and AMVESCAP a
successful relationship'.

Goldman Sachs acted as advisor to Old Mutual and De Guardiola Advisors acted
as financial advisor to AMVESCAP for the transaction.

                                                                 27 April 2001
ENQUIRIES:

Old Mutual plc

James Poole, Director Investor Relations            Tel: [phone]
AMVESCAP

Doug Kidd                                           Tel: [phone]
College Hill, London

Tony Friend                                         Tel: [phone]
College Hill, Johannesburg

Linda Baker                                         Tel: [phone]