CEO, Old Mutual (US) Holdings

Old Mutual PLC
23 July 2001


                                OLD MUTUAL PLC

            Scott F. Powers Named CEO of Old Mutual (US) Holdings

Old Mutual plc (LSE: OML) today announced that Scott F. Powers, currently
executive vice president of sales, marketing and product development at Mellon
Institutional Asset Management, has been named to take a new role as Chief
Executive Officer of Old Mutual's U.S. holding company, Old Mutual (US)
Holdings Inc., effective September 1, 2001. Mr. Powers will be based in Boston
and report directly to Eric Anstee, Chief Executive - Financial Services of
Old Mutual plc.

Mr. Powers will take overall charge of all of Old Mutual's U.S. asset
management businesses, which managed in aggregate approximately $164 billion
in assets as of June 30, 2001. The firms include Old Mutual Asset Managers
(US), Pilgrim Baxter & Associates, eSecLending, and related operations in
Bermuda and Japan, as well as the other asset management affiliates acquired
by Old Mutual as part of its acquisition of United Asset Management Corp. in
September 2000.

Commenting on the appointment, Mr Anstee said:

'As Old Mutual's asset management operations in the U.S. have grown, the
company has decided to focus them all under an experienced US manager, who
will be responsible for their overall strategic and operational development.
We are delighted to have recruited someone of Scott's experience and ability
in our sector for this new and challenging role. His experience in managing
the growth of multiple businesses will be extremely valuable as we go
forward.'

Mr. Powers, age 41, brings extensive experience in financial services in the
U.S. and strong leadership skills to his new role, which will be of particular
value as Old Mutual looks to grow its institutional and retail asset
management businesses in the U.S. He will work closely with the executive
directors of Old Mutual and other key executives to develop and execute the
firm's strategy.

Commenting on his appointment, Mr Powers said:

'The quality of the investment management firms within Old Mutual in the U.S.
is what makes this position so attractive. My priority will be to seek
strategic opportunities to build the value of these firms and to ensure that
each has the resources it needs to excel in the industry.'

                                                                  23 July 2001

Enquiries:
Old Mutual plc, London                      Tel: [phone]

James Poole
Hewes Communications, New York              Tel: [phone]

Tucker Hewes
College Hill, London                        Tel: [phone]

Nicholas Williams
College Hill, Johannesburg                  Tel: [phone]

Linda Baker



Notes to Editors:

About Scott F. Powers

Mr. Powers has been instrumental in the growth of Mellon Institutional Asset
Management, the sixth largest asset management group in the United States,
with approximately $300 billion of funds under management. He currently works
with of all of Mellon's primary investment subsidiaries, including The Boston
Company Asset Management (TBCAM), Certus Asset Advisors, Franklin Portfolio
Associates, Mellon Bond Associates, Mellon Capital Management Corporation and
Mellon Equity Associates. Mr. Powers earned his B.A. in economics from Harvard
College.

About Old Mutual plc

Old Mutual plc is an international financial services company based in London,
with expanding operations in asset management, life assurance, banking and
general insurance. Following demutualization in May 1999, the company is
listed on the London Stock Exchange with a market capitalization of
approximately $7.65 billion as of July 23, 2001, and is also listed in South
Africa, Namibia, Malawi and Zimbabwe. More information on Old Mutual is
available at www.oldmutual.com

About Old Mutual (US) Holdings

The acquisition of United Asset Management Corporation ('UAM') by Old Mutual
was completed on 26th September 2000. Boston-based UAM has built a multi-style
institutional, wholesale and retail fund management business widely spread
throughout Continental North America comprising a number of leading industry
brands, and with significant operations in Europe and Japan.

The acquisition added to Old Mutual's already strong international asset
management operations and was consistent with Old Mutual's strategic goal of
building a world-class global asset management business. AUM of the group
world-wide were £169millionm, at December 31 2000 which places Old Mutual
amongst the top 30 money managers in the world.

Following the purchase Old Mutual moved rapidly to reorganise the principal
operating businesses of UAM to refocus the key businesses and re-incentivise
performance. These included Pilgrim Baxter Associates a leading Mutual Fund
and specialist growth and value style institutional money manager. Seven
formerly independently organised affiliates of UAM agreed to form a jointly
organised business under the OMAM (Old Mutual Asset Managers) name and brand.
Among the remaining UAM affiliates substantial progress has been made in
agreeing new strategic directions.

OMAM (US)

The firms comprising OMAM (US) today are:

Acadian Asset Management

Analytic Investors

Barrow, Hanley, Mewhinney & Strauss Inc

Clay Finlay Inc

Dwight Asset Management Company

NWQ Investment Management Company

Provident Investment Counsel

AUM of OMAM (US) were US$ 75 billion on 30 June 2001.

Pilgrim Baxter & Associates

Pilgrim Baxter's leading mutual brand is the PBHG Funds. A number of these
have long-term track records across both growth and value equity styles,
resulting in a number of Morningstar 4 or 5 star-rated funds and other leading
independent performance benchmarks.

A week ago American Skandia Investment Services announced a decision to switch
mandates to manage two small-cap growth funds with AUM of approx. $750
million. Pilgrim Baxter has also just been retained to advise on about $1
billion of mutual funds for First Union, the US's fifth largest regional bank.

The appointment of Michael Sutton as Chief Investment Officer was also
announced in the past few days. PBA founders Harold Baxter and Gary Pilgrim
have both signed long-term contracts to continue actively to manage the
business.

AUM of Pilgrim Baxter were US$ 15 billion on 30 June 2001.

Other UAM developments

In September 2000, Old Mutual concluded the sale to Aberdeen Asset Management
of the Scottish-based Murray Johnstone. More recently the sale of Pell Rudman
to Amvescap Group was announced; the transaction is expected to close during
the third quarter.

Total AUM of all UAM affiliates was $164 billion on 30 June 2001.

eSecLending

eSecLending was established in November 2000 jointly by Old Mutual and by the
California Public Employees' Retirement System (CalPERS). The company offers a
web-based auction system for securities lending and is intended to meet the
needs of large institutional pension and other pools of managed funds, mutual
funds, hedge funds, and other major investors.