Acquisition of UAM Corp.

Old Mutual PLC
19 June 2000

                                  
                                  
                           OLD MUTUAL PLC

         Acquisition of United Asset Management Corporation
                     for US$1.46 billion in cash

Old Mutual plc is an international financial services group, based in
London,  with a substantial financial services business  in  southern
Africa  including  an  integrated portfolio of  activities  in  asset
management   (including   unit  trusts,  portfolio   management   and
stockbroking services), banking and general insurance.


*  Acquisition  fulfils a core strategic objective of  Old  Mutual plc.

*  Increases multinational asset management capability

*  Triples global FUM to US$275 billion

*  Attractive financial terms - 7.3 x LTM EBITDA


There  will  be  a presentation to sell-side analysts in  London  and
Johannesburg  at  11.00 am (UK time) or 12.00 noon  (SA  time)  today
Monday 19 June 2000. The venues for the presentation are as follows:

In London - College Hill, 78 Cannon Street, London EC4N 6HH

In Johannesburg - Crown Plaza Hotel, Corner Grayston and Rivonia,
Sandown, Sandton

Arrangements for media  interviews,  please contact College Hill.


ENQUIRIES:

Old Mutual                                   Tel: + 44 20 7569 0100
James Poole

College Hill London                           Tel: + 44 20 7457 2020
Gareth David
Mark Garraway

College Hill Johannesburg                     Tel: + 27 11 447 3030
Tony Friend

           OLD MUTUAL PLC HAS REACHED AGREEMENT TO ACQUIRE
                 UNITED ASSET MANAGEMENT CORPORATION,
              ONE OF THE LARGEST INVESTMENT MANAGEMENT
        ORGANISATIONS IN THE WORLD, FOR $25 PER SHARE IN CASH
                                  
London, England and Boston, Massachusetts--(BUSINESS WIRE)--June  19,
2000--Old   Mutual  plc  (LSE:  OML)  and  United  Asset   Management
Corporation (NYSE: UAM) today announced an agreement for  Old  Mutual
to  acquire United Asset Management for $25 per share in  cash.   The
transaction   values  the  equity  of  United  Asset  Management   at
approximately $1.46 billion.  United Asset Management has net debt of
$769 million which will be assumed or refinanced in the transaction.

The  agreement has been approved by the boards of directors  of  both
companies and is expected to be completed by the end of this year.

Old  Mutual will effect the transaction through a tender offer, which
will  commence within thirty days, for all of the outstanding  shares
of United Asset Management common stock.  Any shares not purchased in
the  tender  offer  will,  following  completion  of  the  offer,  be
exchanged  for  cash in the amount of $25 per share in  a  merger  by
which  United Asset Management will become a wholly-owned  subsidiary
of  Old Mutual.  The price to be paid in the offer and the merger  is
subject  to  downward adjustment in certain circumstances,  including
should   United  Asset  Management's  revenues  from   assets   under
management, excluding the effects of market movements, decline  below
a specified level prior to the consummation of the offer.

Since  its demutualisation and initial public offering in July  1999,
Old  Mutual's strategic focus has been on the expansion of its  asset
management  businesses  in Europe and the United  States.   In  March
2000,  Old  Mutual  completed the acquisition  of  Gerrard  Group,  a
specialist    banking,   financial   services   and    private-client
stockbroking  and wealth management business in the  United  Kingdom.
United  Asset  Management will bring to Old Mutual a  wide  range  of
investment  products and complementary investment  styles.   Overall,
the acquisition of United Asset Management will increase Old Mutual's
assets under management to approximately $275 billion.

Commenting  on  the  transaction, Mike  Levett,  Chairman  and  Chief
Executive Officer of Old Mutual, said:

'We  believe this transaction has considerable benefits for both  Old
Mutual  and the United Asset Management group of firms, their clients
and   professional  staff.   We  expect  there  to   be   significant
opportunities  for  cross  selling  and  distribution  of  investment
products  into Old Mutual's client base.  We believe this transaction
will  be a major step forward towards our aim of developing a focused
and coordinated global asset management business.  We anticipate that
the  transaction will be immediately accretive to Old  Mutual's  cash
EPS.'

James  F.  Orr  III,  United Asset Management's President  and  Chief
Executive Officer, said:

'The  transaction with Old Mutual is a win-win deal for United  Asset
Management's shareholders, affiliate firms and clients.  We are  very
pleased  to  be  able  to  deliver  the  value  represented  by   the
transaction with Old Mutual to our many long-term shareholders and to
provide our affiliate firms with the opportunity to be a part of  the
dynamic Old Mutual group.'

Old  Mutual  has  arranged  financing  for  the  transaction  through
Barclays    Bank   plc,   Royal   Bank   of   Scotland   Group    and
Citibank/Schroders  Salomon Smith Barney.   Upon  completion  of  the
acquisition,  Old Mutual expects its gearing ratio (total  debt/total
debt + shareholders' equity) to be less than 30%.

Under  the  agreement, Old Mutual will file a tender offer  statement
and  United  Asset Management will file a solicitation/recommendation
statement with the U.S. Securities and Exchange Commission (SEC)  and
these  tender  offer materials will be mailed to the shareholders  of
United  Asset Management.  Consummation of the tender offer  will  be
subject to customary conditions, including acceptances by holders  of
a  majority  of  United  Asset Management's  outstanding  shares  and
receipt of regulatory and client approvals.

Investors and security holders are strongly advised to read both  the
tender offer statement and the solicitation/recommendation statement,
when  they  become  available, because they  will  contain  important
information.   Investors and security holders may obtain,  for  free,
copies of these statements, as well as copies of periodic reports and
other  information filed with the SEC by United Asset  Management  at
the  SEC's  web site at www.sec.gov.  The tender offer statement  and
related materials may be obtained by directing such requests  to  Old
Mutual's       Investor       Relations       Department.         The
solicitation/recommendation statement and other  documents  filed  by
United Asset Management may be obtained by visiting the United  Asset
Management web site at www.uam.com.

Credit  Suisse  First  Boston  and Chase  Securities  Inc.  acted  as
financial  advisors, and Weil, Gotshal & Manges LLP  acted  as  legal
counsel,  to  Old  Mutual.  Goldman, Sachs & Co. acted  as  financial
advisor,  and Wachtell, Lipton, Rosen & Katz acted as legal  counsel,
to United Asset Management.

Old  Mutual  plc  is a United Kingdom-based financial services  group
with  a substantial life assurance business in South Africa and other
southern African countries and an integrated, international portfolio
of activities in asset management, banking and general insurance.

One of the largest independent investment management organisations in
the world, United Asset Management Corporation provides a broad range
of  investment management services to institutions, mutual funds  and
high-net-worth  investors.   These services  are  offered  through  a
diverse  group of operating firms that managed over $188  billion  on
May  31,  2000 for clients throughout the United States,  Canada  and
abroad.   For  the twelve months ended March 31, 2000,  United  Asset
Management  reported  revenues of $904 million and  EBITDA  (earnings
before  interest,  taxes,  depreciation  and  amortisation)  of  $306
million.

Forward-Looking Statements

This  press  release  contains 'forward-looking  statements.'   These
statements include descriptions of United Asset Management's and  Old
Mutual's  expectations  about the acquisition,  future  earnings  and
other  results  of  operations, operational plans,  views  of  future
industry  or  market  conditions, and other statements  that  include
words  such as 'may,' 'expects,' 'believes,' and 'intends,' and  that
describe opinions about future events.

Investors  should  not rely on these statements as though  they  were
guarantees.  These statements are current only when  they  are  made.
Neither United Asset Management's nor Old Mutual's management has any
obligation  to  revise  or update these statements  based  on  future
developments.  Known and unknown risks, including those  relating  to
the  integration of United Asset Management by Old Mutual, may  cause
United  Asset  Management's and/or Old Mutual's  actual  results  and
performances  to  be  materially different from  those  expressed  or
implied   by   these  statements.  Old  Mutual  is  not  subject   to
the  periodic reporting requirements of the SEC.  Some of the  risks,
uncertainties  and other factors relating to United Asset  Management
are  that:  most of United Asset Management's revenues are  based  on
the market value of managed assets and, therefore, will rise and fall
with  changes  in the economy and financial markets;  the  investment
management  business is highly competitive; the investment management
business  is  susceptible to internal shifts and frequently  requires
firms to adapt; and United Asset Management's affiliated firms depend
significantly  on  key employees.  These and other risk  factors  are
identified  and more thoroughly explained in Exhibit 99.1  to  United
Asset Management's Annual Report on Form 10-K filed on March 21, 2000
with the SEC.

CONTACTS:

Old Mutual plc:                   United Asset Management
                                  Corporation:
Eric Anstee, Finance Director     
James  Poole, Director, Investor  Juliana M. Coyle (Investors)
Relations                         Jonathan V. Hubbard (Media)
44 207 569 0100                   1 617 330 8900
                                  
College Hill - London             www.uam.com
Mark Garraway                     
Gareth David                      
44 207 457 2020

College Hill - Johannesburg
Tony Friend
27 11 447 3030

www.oldmutual.com

Credit Suisse First Boston        Goldman, Sachs & Co.
                                  
Andrew Gordon                     Milton Berlinski
Managing Director                 Managing Director
1 212 325 4114                    1 212 902 6896

Herman Hintzen
Managing Director
44 207 888 6566

Gary Howe
Vice President
1 212 325 4125

Chase Securities Inc.             

David Adler
Managing Director
1 212 270 3510

David Stawik
Vice President
1 212 270 6383

This  announcement  has been approved by Credit Suisse  First  Boston
(Europe)  Limited, which is regulated by the Securities  and  Futures
Authority,  solely for the purposes of section 57 Financial  Services
Act  1986. Credit Suisse First Boston (Europe) Limited is acting  for
Old  Mutual plc in relation to the aforementioned transaction, is not
acting for any other person and will not be responsible to any  other
person  for affording the protections provided to clients  of  Credit
Suisse  First  Boston  (Europe) Limited or for  providing  advice  in
relation to the aforementioned transaction.

                 United Asset Management Corporation
                             Fact Sheet

* United Asset Management Corporation is listed on the New York
  Stock Exchange under the symbol UAM

* Headquartered in Boston, with locations in 34 cities throughout
  the world and approximately 2,200 employees

* $188 billion in assets under management
  -    $122 billion in institutional accounts, primarily in corporate
       and government accounts
  -    $47 billion in mutual funds
  -    $19 billion in private accounts

*    60 no-load mutual funds
  -    46 no-load equity mutual funds
  -    4 no-load balanced mutual funds
  -    9 no-load fixed income and money market mutual funds
  -    1 no-load stable value mutual fund

*    Diversified asset base across asset classes and geography
  -    63% Equity
  -    14% International securities
  -    12% U.S. bonds and cash
  -    7% Stable value
  -    4% Real estate

*    Affiliates include (in alphabetical order):

Acadian Asset Management, Inc.           Jacobs Asset Management
Analytic Investors, Inc.                 L&B Realty Advisors, Inc.
Barrow, Hanley, Mewhinney &Strauss, Inc. Lincluden Management Limited
C.S. McKee & Company, Inc.               Murray Johnstone Limited
Cambiar Investors, Inc.                  Northern Capital Management, Inc.
Campbell Group, Inc.                     NWQ Investment Management Company
Chicago Asset Management Company         OSV Partners
Clay Finlay Inc.                         Pacific Financial Research, Inc.
Cooke & Bieler, Inc.                     Palladyne Asset Management B.V.
Dewey Square Investors Corporation       Pell Rudman Trust Co., N.A.
Dwight Asset Management Company          Pilgrim Baxter & Associates, Ltd.
Expertise Asset Management               Provident Investment Counsel
Fiduciary Management Associates,Inc.     Rice, Hall, James & Associates
First Pacific Advisors, Inc.             Rogge Global Partners Plc.
GSB Investment Management, Inc.          Sirach Capital Management, Inc.
Heitman Financial Company                Spectrum Asset Management, Inc. 
Integra Capital Management Corporation   Suffolk Capital Management, Inc.
Investment Counselors of Maryland, Inc.  Thompson, Siegel & Walmsley, Inc.
Investment Research Company              Thomson Horstmann & Bryant, Inc.
J.R. Senecal & Associates              Tom Johnson Investment Management, Inc.