US Asset Management Results

Old Mutual PLC
25 July 2002



OLD MUTUAL PLC



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

Results for First Half of 2002



BOSTON--July 25, 2002--The U.S. asset management group of Old Mutual plc (LSE:
OML) today announced results for its affiliated asset management firms for the
six months ended June 30, 2002.  The group achieved strong relative performance
overall, with assets under management declining 3.2% excluding divestitures,
compared to a 6.9% decline for the Dow Jones Industrial Average, 13.2% decline
for the S&P 500 Index, and 25.0% decline for the NASDAQ Composite Index.  In
addition, the firms in aggregate had net inflows of client assets of $1.5
billion, or 1.0% of 2001 year-end assets of $149.9 billion, and divestitures of
non-strategic firms and transfers within Old Mutual accounted for a reduction of
$5.4 billion or 3.6% of assets.  As of June 30, the group managed a total of
$141.2 billion.



'The broad diversification of our firms' investment strategies was a key factor
in our ability to outperform markets in the first half,' said Scott Powers,
chief executive of Old Mutual's U.S. asset management operations.  'The
environment continues to favor experienced managers with highly disciplined and
focused investment approaches.  This is clearly a strength of our affiliated
firms.  We also added two experienced leaders to our management team in Tom
Turpin and Kevin Hunt, and established a distribution alliance with Nuveen
Investments which opens potential areas of growth for many of our firms.  As we
work to expand cooperative distribution efforts, one of our most significant
successes this year has been the growth of new PBHG Funds sub-advised by our
affiliates.  Our firms continued to build on a successful 2001 in winning new
client mandates.'



Assets under management for the group on June 30 were divided as follows: $78.1
billion for the seven firms within Old Mutual Asset Managers (US) ('OMAM(US)'),
$8.9 billion for Pilgrim Baxter & Associates (excluding assets in the PBHG Funds
sub-advised by other Old Mutual firms), and $54.2 billion for the 18 firms in
the Old Mutual Affiliates group.  Detailed information on the asset breakdown
for each of the firms is available from the group's website at http://
www.oldmutualus.com.



Joining the group's senior management team in April were Tom Turpin, formerly
managing director and head of defined contribution plans at Putnam Investments,
as executive vice president and chief operating officer, and Kevin Hunt,
formerly director of Morgan Stanley's Managed Portfolio Group, as executive vice
president and head of sales, marketing and product development.



In May, the group announced the formation of a strategic alliance with Nuveen
Investments through which Nuveen will distribute investment capabilities of Old
Mutual's affiliates on a sub-advisory basis, and the sale to Nuveen of OMAM(US)
affiliate NWQ Investment Management.  That transaction is expected to close in
the coming weeks.


As part of the group's efforts to develop distribution synergies among
affiliates, five new funds sub-advised by Old Mutual affiliates were introduced
to Pilgrim Baxter's PBHG Funds in December and January.  The sub-advised funds
attracted $1.3 billion in investor assets in the first half of 2002, led by PBHG
IRA Capital Preservation sub-advised by Dwight Asset Management and PBHG Clipper
Focus sub-advised by Pacific Financial Research, to bring total assets in the
sub-advised funds to $1.7 billion on June 30.  More information on the
investment strategies and performance of each of the funds is available at http:
//www.pbhgfunds.com.



Divestitures of two firms were completed in early 2002: New York-based Suffolk
Capital Management was acquired by Ohio National Financial Services of
Cincinnati, and Pittsburgh-based C.S. McKee & Company was acquired by the firm's
management team.  In total, 14 firms have been divested since Old Mutual's
acquisition of United Asset Management Corp. in September 2000.  Also in the
first half of 2002, two affiliates, Amsterdam-based Palladyne Asset Management
and Paris-based Expertise Asset Management, were transferred out of the U.S.
asset management group and are now reporting to Old Mutual Financial Services in
London.



NOTES TO EDITORS



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 $4.8 billion as of July 24, 2002.  It is also
listed on the Johannesburg, Namibia, Malawi and Zimbabwe stock exchanges. More
information on Old Mutual is available at www.oldmutual.com.



Fund inflows to OMAM (US) from Old Mutual's US Life operations for the six
months to June 30 2002 amount to $1.3bn.


                            31 Dec         Divested/          Net cash   Market movement           30 June
                              2001       Transferred             flows                                2002
OMAM (US)                     76.7                 -               3.1              -1.7              78.1
PBA                           12.6                 -              -1.2              -2.5               8.9
OMA - Strat                   37.5              -0.1              -0.9               0.1              36.6
Sub Total                    126.8              -0.1               1.0              -4.1             123.6
OMA - Fin                     23.1              -5.3               0.5              -0.7              17.6
Grand Total                  149.9              -5.4               1.5              -4.8             141.2



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