RNS Number:3303S
Seymour Pierce Group PLC
21 November 2003


21 November 2003


                            SEYMOUR PIERCE GROUP Plc


Statement regarding Pavilion Asset Management

During the course of its strategic review the Group has been evaluating its
investment in Pavilion Asset Management, its institutional asset management
business.  This business manages approximately #3bn of funds, divided
approximately evenly between two clients, MGM Assurance and Family Assurance
Friendly Society.

Having received indications of interest from a number of parties, negotiations
began with these two clients for the disposal, in principle, of their mandates.
After some nine months these culminated in the signing of Heads of Agreement on
21 August 2003 between the Group, the clients and a proposed purchaser.
Contract negotiations were substantially concluded and completion was
anticipated for 28 November 2003.

However, on 23 October 2003, MGM Assurance informed all parties that they had
reflected on the proposals covered in the Heads of Agreement and decided not to
proceed with them.  The Group has endeavoured to maintain constructive
discussions with all parties.

It is the Board's full intention to support and develop Pavilion, both as a core
business and in the performance of its contractual obligations, in the absence
of an alternative outcome.


Enquiries:

Jeremy Garrett-Cox                       ING :              020 7767 1000
David Bick                               Holborn :          020 7929 5599


ING Bank (London Brance) N.V., which is regulated in the United Kingdom by The
Financial Services Authority, is acting exclusively for Seymour Pierce Group Plc
and no one else in connection to the matters described in this announcement and
will not be responsible to anyone other than Seymour Pierce Group Plc for
providing the protections afforded to its customers or for providing advice in
relation to the contents of this announcement or any transaction or arrangement
referred to herein.


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