US Assets Under Management

Old Mutual PLC
28 April 2004


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


BOSTON--April 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 first quarter of 2004.  Assets managed by the
group's member firms increased 3.9% in the quarter, from $154.1 billion on
December 31, 2003, to $160.0 billion on March 31, 2004.   Net inflows of client
assets contributed $2.3 billion, or 1.5% 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 2.4% increase for the
quarter.

'Our member firms remain focused on meeting clients' investment objectives,
which accounts for our positive results this quarter,' said Scott Powers, chief
executive of Old Mutual Asset Management.  'As a group, the diversity of our
firms has allowed us to achieve consistent measured growth through a variety of
environments, and we continue to explore opportunities to develop new products
which address the needs of sophisticated institutional and individual
investors.'

                       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]

                                    #  #  #


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