Change to Board of Directors of New Chief Exec
Old Mutual PLC
30 June 2000
OLD MUTUAL PLC
Appointment of new Chief Executive, Financial Services
The Board of Old Mutual plc is pleased to announce the
appointment of Eric Anstee to the newly created post of
Chief Executive, Financial Services, with responsibility
for the Group's rapidly growing asset management and
related businesses. He takes up the appointment with
immediate effect.
Eric Anstee was previously Group Finance Director and is
a member of the Group Executive Committee of Old Mutual.
An announcement of the appointment of a new Group Finance
Director to replace him will be made shortly.
Mike Levett, Chairman of the Board, commented:
'Eric Anstee has made an enormous contribution to Old
Mutual as Group Finance Director and played a key role in
our successful demutualisation and listing last year.
Since the start of this year he has also led negotiations
on a number of transactions to expand our business,
especially in the areas of financial services and global
asset management.
'In March we completed the acquisition of Gerrard Group
plc in the UK; and recently we announced our intention to
launch an agreed $2.2 billion tender offer for United
Asset Management Corporation. It has been planned for
some time that Eric would move on to take full time
responsibility for these businesses as well as our
existing asset management businesses. I am pleased to be
able to confirm his role in the newly-created position of
Chief Executive, Financial Services.'
ENQUIRIES:
Old Mutual plc Tel: +44 (0)20 75690100
James Poole, Director of Corporate Communications
College Hill Tel: +44 (0)20 74572020
Gareth David
email:gareth.david@collegehill.com
NOTES TO EDITORS:
1. Eric E Anstee, FCA, joined the Board in July 1999.
He has been Group Finance Director of Old Mutual
Group since November 1998, and was previously
Finance Director of The Energy Group PLC, which was
acquired by Texas Utilities in 1998.
Prior to that he was Group Finance Director of
Eastern Group plc between 1993 and 1995 on its
acquisition by Hanson plc. Before joining Eastern,
he was a senior partner with Ernst & Young and a
member of the Management Board of the Management
Constancy arm.
He is a member of the Accounting Standards Board's
Urgent Issues Task Force and a member of the Senate
of Institute of Chartered Accountants in England &
Wales.
2. On 19 June Old Mutual announced the acquisition via
a public tender offer of United Asset Management
Corporation, quoted on the NYSE, and headquartered
in Boston USA. The purchase price on completion
will be $1.46 billion.
UAM has $188 billion in assets under management
managed through 42 affiliate companies in 34 cities
throughout the world. Group companies operate 60 No-
load Mutual Funds (Unit Trusts).
3. On 31 March, Old Mutual completed the acquisition of
Gerrard Group plc, announced 18 January 2000. The
agreed cash bid valued Gerrard at £525 million.
Gerrard Group comprises the stockbroking, asset
management, and corporate finance business of Greig
Middleton; the derivatives and specialised equity
products company GNI Ltd, and the wholesale money
market treasury and banking operations of G&K Ltd
Following the acquisition Old Mutual Group had £27
billion in funds under management in the UK. On 10
May Old Mutual announced the formation of Old Mutual
Securities incorporating the corporate finance and
corporate broking activities of Albert E Sharp and
Greig Middleton.
4. On 24 January Mr Jim H Sutcliffe joined the board of
Old Mutual as Chief Executive, Life with
responsibility for the Group's Life Assurance world-
wide.
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