US Assets Under Management

Old Mutual PLC
28 July 2004

Old Mutual Asset Management Reports Assets Under Management for Second Quarter
2004



BOSTON--July 27, 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 at the end of the second quarter of 2004.  Assets managed by the
group's member firms increased 2.1% in the quarter, from $160.0 billion on March
31, 2004, to $163.4 billion on June 30, 2004.   Net inflows of client assets
contributed $2.9 billion, or 1.8% of the increase over AUM at the beginning of
the period, while investment performance in the funds under management at member
firms accounted for the remaining 0.3% increase for the quarter.  Overall in the
first half of 2004, the group's member firms in aggregate had net inflows of
client assets of $5.3 billion, including $2.0 billion in cash collateral assets.



'With top caliber investment teams operating across all asset classes and in
virtually every investment style, we believe our group is well positioned to
meet investor needs in any market environment,' said Scott Powers, chief
executive of Old Mutual Asset Management. 'As always, we appreciate the
confidence that clients have placed in our member firms, and are committed to
continuing to earn that confidence.'



                       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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                      This information is provided by RNS
            The company news service from the London Stock Exchange