US Distribution Alliance

Old Mutual PLC 29 May 2002 Old Mutual plc Old Mutual Establishes Strategic Distribution Alliance with Nuveen Investments in Connection with Sale of NWQ Investment Management BOSTON--(BUSINESS WIRE)--May 29, 2002-- The U.S. asset management group of Old Mutual plc (LSE: OML) today announced that the firm has reached agreement to sell NWQ Investment Management Company (NWQ) to John Nuveen Company (NYSE: JNC) and has established with Nuveen a strategic alliance through which Nuveen Investments will distribute selected capabilities of Old Mutual's asset management affiliates. The alliance, which has an initial term of five years extendable upon mutual consent, provides that Nuveen will give priority consideration to firms within Old Mutual's U.S. asset management group for third-party sub-advisory mandates initiated by Nuveen in connection with new or existing products. Nuveen's distribution platforms include products marketed under the Nuveen, Rittenhouse, and Symphony brands. To acquire NWQ, Nuveen Investments will pay Old Mutual cash in the amount of $140 million, which includes up to $20 million over five years that can be offset by fees paid to Old Mutual affiliates under the strategic alliance. The transaction is expected to close within 60 days. NWQ, a value-oriented equity specialist managing over $7 billion, became a part of Old Mutual in 2000 through Old Mutual's acquisition of United Asset Management Corporation. 'The depth and range of our investment capabilities, particularly in the area of domestic value equities, provides us this opportunity to open additional channels of distribution and potential areas of growth for our firms,' said Scott Powers, chief executive of U.S. asset management for Old Mutual. 'Nuveen and Old Mutual have complementary strengths in U.S. asset management which we believe provide great prospects for our firms to work effectively together. Nuveen offers our investment managers significant presence in certain key channels through its extensive network of relationships with financial advisors and high net worth investors. We continue to focus on expanding our distribution by leveraging the strength and diversity of our investment capabilities.' 'Through our alliance with Old Mutual, we'll be able to tap into a range of highly capable investment managers with expertise that complement the Nuveen Investments group of core investment specialists,' said Nuveen Investment's chairman and CEO, Tim Schwertfeger. Kevin Hunt, director of sales, marketing and product development for Old Mutual's U.S. asset management group, will lead efforts to maximize the value of the distribution alliance for Old Mutual firms. 'Operating in a sub-advisory capacity is ideal for many of our firms because it allows them to focus on their core competencies in investment management,' said Mr. Hunt. 'I look forward to working closely with Nuveen and our affiliates to identify promising areas for joint efforts.' About Nuveen Investments Nuveen Investments, a unit of The John Nuveen Company, provides high quality investment management services that are essential to building balanced core investment portfolios. Nuveen Investments serves financial advisors and their high-net-worth clients, as well as a growing number of institutional clients. The Company today markets its capabilities under three distinct brands: Nuveen, a leader in tax-free investments; Rittenhouse, a premier retail managed account service platform; and Symphony, a leading institutional manager of market-neutral alternative investment portfolios. The John Nuveen Company is listed on The New York Stock Exchange and trades under the symbol 'JNC.' About Old Mutual's U.S. Asset Management Group Old Mutual's U.S. asset management businesses managed in aggregate $147 billion as of March 31, 2002. The businesses include the member firms of Old Mutual Asset Managers (US); Pilgrim Baxter & Associates, the investment advisor to the PBHG Funds; and other affiliated firms acquired by Old Mutual as part of its acquisition of United Asset Management Corporation in September 2000. More information on Old Mutual Asset Managers (US) and its member firms is available at www.omam.com; on Pilgrim Baxter and the PBHG Funds at www.pbhgfunds.com; and on the other Old Mutual affiliates at www.oldmutualus.com. About 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 $6.4 billion as of May 28, 2002. More information on Old Mutual is available at www.oldmutual.com. 29 May 2002 ENQUIRIES: Old Mutual plc, London: Tel: +44 (0)20 7569 0100 James Poole, Director Investor Relations College Hill, London: Tel: +44 (0)20 7457 2020 Tony Friend Nicholas Williams College Hill, South Africa: Tel: +27 (0)11 447 3030 Robyn Hunt This information is provided by RNS The company news service from the London Stock Exchange
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