US Assets Under Management

Old Mutual PLC
29 January 2004

Old Mutual Asset Management Reports Assets Under Management for Year-End 2003



BOSTON--January 28, 2004--Old Mutual Asset Management, the U.S. asset management
group of Old Mutual plc (LSE: OML), today announced assets under management for
the group as of year-end 2003.  Assets managed by the group's member firms
increased 21.3% during the year, from $127.0 billion on December 31, 2002, to
$154.1 billion on December 31, 2003.   Inflows of client assets contributed $4.7
billion, or 3.7% of the increase, while divestitures of non-strategic firms in
the first quarter accounted for a reduction of $3.3 billion, or 2.6% of assets.
Investment performance in the funds under management at member firms accounted
for the remaining 20.2% increase for the year.



'Our member firms have now achieved strong inflows of client assets in three
consecutive years spanning very disparate market environments,' said Scott
Powers, chief executive of Old Mutual Asset Management.  'We continue to
experience the benefits of the restructuring program begun in 2000 and
substantially completed in early 2003, which has resulted in an exceptionally
well-balanced group of firms providing investment products in all major asset
classes and investment styles.  Our firms remain committed first and foremost to
meeting and exceeding the expectations of clients.'



Figures for year-end assets under management for each of the group's member
firms are provided on the group's Web site at www.oldmutualus.com.



At member firm Pilgrim Baxter & Associates, assets under management declined
20.3% during the fourth quarter of 2003, from $7.4 billion on September 30 to
$5.9 billion on December 31.  After charges were brought against Pilgrim Baxter
in November by the Securities and Exchange Commission and office of the New York
State Attorney General, the company experienced client outflows of $1.7 billion
in December, primarily due to terminations of a small number of large
institutional accounts.  Assets in PBHG mutual funds remained stable during the
quarter at $7.3 billion, including the funds sub-advised by other Old Mutual
Asset Management member firms.  Pilgrim Baxter remains in active discussions
with both the SEC and the office of the New York Attorney General concerning the
charges.



                       About Old Mutual Asset Management

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.  More
information on member firms, and their investment teams and strategies, is
available from the group's Web site at www.oldmutualus.com.  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 is available at www.oldmutual.com.



Contact:

Media: Tucker Hewes, [phone], [e-mail]

Investors: James Poole, 44 (0)20 7002 7000, [e-mail]



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