EXHIBIT 99.1


OLD MUTUAL PLC COMPLETES ACQUISITION OF UNITED ASSET MANAGEMENT CORPORATION, ONE
OF THE WORLD'S LARGEST INVESTMENT MANAGEMENT ORGANISATIONS FOR $25 PER SHARE

26 September 2000.  Old Mutual plc has today announced the closure of the
tender offer for United Asset Management Corporation (NYSE: UAM).

At the expiration of the tender offer at 5:00 p.m. EDT September 25, 2000, Old
Mutual accepted shares of UAM representing approximately 93% of the outstanding
common stock of UAM at a purchase price of $25 net per share.

Old Mutual intends to complete a "short form" second-step merger at $25 net per
share as soon as practicable, following which UAM will become a wholly owned
subsidiary of Old Mutual. The acquisition of United Asset Management will
increase Old Mutual's assets under management to approximately $275 billion and
is consistent with its goal of creating a world-class asset management business.

UAM is one of the largest independent asset management organisations in the
world providing a broad range of investment management services. These services
are offered through a diverse group of affiliated firms. It is Old Mutual's
intention that the affiliates within the group will retain autonomy in
investment philosophy, process and style, client relationships and brand and
franchise positioning.

Kevin Carter, formerly Chief Executive of OMAM (UK) has been appointed to the US
operations. Together with Jim Orr of UAM, he will head a small high level team
of executives that will operate out of Boston. This will be a joint team
comprising existing OMAM and UAM senior executives that will be responsible for
developing US strategy.

Mike Levett, Chairman of Old Mutual commented: "We are delighted to have closed
our acquisition of UAM. This enhances Old Mutual's position as a leading
financial institution by substantially broadening and diversifying our
geographic reach and business capabilities."

Eric Anstee, head of Old Mutual's asset management businesses said: "This
important step is fundamental to building our international asset management
capabilities. The acquisition advances our international growth strategy and our
presence in major money centres, builds on our multi-style capability and
leverages multi-channel distribution. We can now develop the strengths of UAM -
its asset management talent, its strong client base and its existing well-known
brands."

Jim Orr, President of UAM said: "As a result of today's transaction with Old
Mutual, UAM's affiliates and their clients will benefit from the strength and
growing reach of this leading financial services firm. We are looking forward to
making a significant contribution to the success of our combined organisations."