US Assets Under Management

Old Mutual PLC
25 October 2004


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


BOSTON--October 25, 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 third quarter of 2004. Assets managed by the group's
member firms increased 3.1% in the quarter, from $163.4 billion on June 30,
2004, to $168.4 billion on September 30, 2004. Net inflows of client assets
contributed $3.3 billion, or 2.0% 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 1.1% increase for the quarter. Overall in the
first three quarters of 2004, the group's member firms in aggregate had net
inflows of client assets of $8.5 billion, including $2.4 billion in cash
collateral assets.


'Our success is dependent on the ability of our member firms to meet clients'
investment objectives and provide exceptional service,' said Scott Powers, chief
executive of Old Mutual Asset Management. 'We're committed to creating an
environment in which our firms can do their best work for clients by focusing on
their strengths as money managers.'


                       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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