Disposal of Interest

ST JAMES'S PLACE CAPITAL PLC
14 September 1999




St. James's Place Capital plc ('SJPC')
Disposal of 29.7% shareholding in Global Asset Management Limited ('GAM') by
SJPC to UBS AG ('UBS')

SJPC has agreed to sell its 29.7% share of GAM as part of the proposed sale of
the entire issued share capital of GAM to UBS.

GAM is a Bermuda based diversified asset management group with assets under
management of approximately $13.9 billion as at 30 June 1999 and operations in
Europe, the United States, Asia and the Middle East.

The proposed sale is subject to a number of conditions, including clearances
by relevant regulatory authorities and completion is expected around the end
of the year.

It is expected that SJPC will receive a net pre-tax consideration of between
$158 million and $186 million for its interest in the GAM group, depending on
the level of assets under management and other business criteria at
completion.  As normal, the Agreement contains a number of indemnities and
warranties.  SJPC will receive a minimum of $128 million in cash at completion
with the balance being retained as deferred consideration which may be set
against any liabilities due under the agreement.

The net assets of GAM carried in the accounts of SJPC on an equity accounting
basis at 31 December 1998 were £15.2 million and SJPC's share of the pre-tax
profits of the GAM group on an equity accounting basis for the financial year
ended on that date was £4.8 million.

After repaying outstanding debt, the proceeds of the sale will be used to
strengthen SJPC's capital position and to finance the development of the 
J. Rothschild Assurance Group's UK and International businesses.  Once the
sale is completed, the directors will also be giving consideration to adopting
a progressive dividend policy.

Enquiries:

Alison Hogan/Nitya Bolam
Brunswick
Tel: [phone]