US Distribution Alliance

Old Mutual PLC
29 May 2002

                              Old Mutual plc

          Old Mutual Establishes Strategic Distribution Alliance
  with Nuveen Investments in Connection with Sale of NWQ Investment Management


BOSTON--(BUSINESS WIRE)--May 29, 2002-- The U.S. asset management group of Old
Mutual plc (LSE: OML) today announced that the firm has reached agreement to
sell NWQ Investment Management Company (NWQ) to John Nuveen Company (NYSE: JNC)
and has established with Nuveen a strategic alliance through which Nuveen
Investments will distribute selected capabilities of Old Mutual's asset
management affiliates.


The alliance, which has an initial term of five years extendable upon mutual
consent, provides that Nuveen will give priority consideration to firms within
Old Mutual's U.S. asset management group for third-party sub-advisory mandates
initiated by Nuveen in connection with new or existing products.  Nuveen's
distribution platforms include products marketed under the Nuveen, Rittenhouse,
and Symphony brands.


To acquire NWQ, Nuveen Investments will pay Old Mutual cash in the amount of
$140 million, which includes up to $20 million over five years that can be
offset by fees paid to Old Mutual affiliates under the strategic alliance. The
transaction is expected to close within 60 days.  NWQ, a value-oriented equity
specialist managing over $7 billion, became a part of Old Mutual in 2000 through
Old Mutual's acquisition of United Asset Management Corporation.


'The depth and range of our investment capabilities, particularly in the area of
domestic value equities, provides us this opportunity to open additional
channels of distribution and potential areas of growth for our firms,' said
Scott Powers, chief executive of U.S. asset management for Old Mutual.  'Nuveen
and Old Mutual have complementary strengths in U.S. asset management which we
believe provide great prospects for our firms to work effectively together.
Nuveen offers our investment managers significant presence in certain key
channels through its extensive network of relationships with financial advisors
and high net worth investors.  We continue to focus on expanding our
distribution by leveraging the strength and diversity of our investment
capabilities.'


'Through our alliance with Old Mutual, we'll be able to tap into a range of
highly capable investment managers with expertise that complement the Nuveen
Investments group of core investment specialists,' said Nuveen Investment's
chairman and CEO, Tim Schwertfeger.


Kevin Hunt, director of sales, marketing and product development for Old
Mutual's U.S. asset management group, will lead efforts to maximize the value of
the distribution alliance for Old Mutual firms.  'Operating in a sub-advisory
capacity is ideal for many of our firms because it allows them to focus on their
core competencies in investment management,' said Mr. Hunt.  'I look forward to
working closely with Nuveen and our affiliates to identify promising areas for
joint efforts.'



About Nuveen Investments


Nuveen Investments, a unit of The John Nuveen Company, provides high quality
investment management services that are essential to building balanced core
investment portfolios.  Nuveen Investments serves financial advisors and their
high-net-worth clients, as well as a growing number of institutional clients.
The Company today markets its capabilities under three distinct brands:  Nuveen,
a leader in tax-free investments; Rittenhouse, a premier retail managed account
service platform; and Symphony, a leading institutional manager of
market-neutral alternative investment portfolios.  The John Nuveen Company is
listed on The New York Stock Exchange and trades under the symbol 'JNC.'



About Old Mutual's U.S. Asset Management Group


Old Mutual's U.S. asset management businesses managed in aggregate $147 billion
as of March 31, 2002.  The businesses include the member firms of Old Mutual
Asset Managers (US); Pilgrim Baxter & Associates, the investment advisor to the
PBHG Funds; and other affiliated firms acquired by Old Mutual as part of its
acquisition of United Asset Management Corporation in September 2000.  More
information on Old Mutual Asset Managers (US) and its member firms is available
at www.omam.com; on Pilgrim Baxter and the PBHG Funds at www.pbhgfunds.com; and
on the other Old Mutual affiliates at www.oldmutualus.com.



About Old Mutual plc


Old Mutual plc is an international financial services company based in London,
with operations in asset management, life assurance, banking and general
insurance.  The company is listed on the London Stock Exchange with a market
capitalization of approximately $6.4 billion as of May 28, 2002.  More
information on Old Mutual is available at www.oldmutual.com.



                                                                     29 May 2002



ENQUIRIES:


Old Mutual plc, London:                                 Tel: [phone]
James Poole, Director Investor Relations

College Hill, London:                                   Tel: [phone]
Tony Friend
Nicholas Williams

College Hill, South Africa:                              Tel: [phone]
Robyn Hunt







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