Senior Appointments at Old Mutual plc

LONDON, Feb. 22, 2001 (PRIMEZONE) -- Old Mutual plc is pleased to announce that Doug van den Aardweg has been appointed Head of Group Internal Audit, and Boyd Cuthbertson has joined the group as Head of Group Risk Management and Compliance.

Prior to his new appointment, Doug van den Aardweg was Old Mutual South Africa's Chief Internal Auditor, a role which will now be assumed on an interim basis by Bernard Wessels. The newly created position of Head of Group Internal Audit, will report directly to Julian Roberts, Group Finance Director.

Before joining Old Mutual in February 2001, Boyd Cuthbertson ran his own consultancy company and prior to that was Head of Risk Control for the Treasury Division of Halifax PLC. Boyd will report directly to Doug van den Aardweg.

These appointments are intended to ensure that risk management and business control assurance are integrated across the Group, including at the recently acquired United Asset Management Group.

Group Internal Audit will structure itself around five regional hubs in Cape Town, Johannesburg, Harare, London and the USA.

Julian Roberts, Group Finance Director said: "Applying Turnbull controls across a large international financial services group such as Old Mutual plc, with operations in asset management, life and general insurance and banking, calls for the highest level of internal audit practice. I am extremely pleased that we are building on the substantial experience and expertise we have in South Africa with these important appointments".


Old Mutual plc is an international financial services company based in London, with expanding operations in life assurance, asset management, banking and general insurance. Following demutualisation in May 1999, Old Mutual is listed on the London Stock Exchange with a current market capitalisation of more than pound 5.9bn. It is also listed on the Johannesburg, Namibian, Malawi and Zimbabwe stock exchanges. In life assurance in Southern Africa, Old Mutual provides life, disability, health, retirement savings and investment products to individuals and groups. In 2000, Old Mutual acquired Gerrard Group and United Asset Management Corporation, bringing total group assets under management to about $275bn. Old Mutual owns 53.4% of Nedcor, South Africa's highest rated bank, and 51% of the general insurance company, Mutual & Federal.


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