Re: Pavilion Asset Management

RNS Number:4597T
Seymour Pierce Group PLC
19 December 2003

19 December 2003

Enquiries:       Keith Harris, Executive Chairman
                 Patrick Ingram, Finance Director
                 Seymour Pierce Group Plc                      020 7107 8000

                 David Bick/Chris Steele
                 Holborn                                       020 7929 5599



                            Seymour Pierce Group Plc

             Further statement regarding Pavilion Asset Management

Seymour Pierce Group Plc ("Seymour Pierce" or the "Company") announces that
certain agreements have been reached in relation to Pavilion Asset Management ("
Pavilion"), its institutional asset management business.  This business manages
approximately #3 billion of funds, divided approximately equally between two
clients, MGM Assurance ("MGM") and Family Assurance Friendly Society ("Family").
As previously noted, during the course of its strategic review, the Company
has been evaluating the future of its investment in Pavilion.

The Company and Pavilion have agreed with MGM to terminate Pavilion's mandate
with MGM with effect from 19 December 2003 on terms whereby MGM will pay
Pavilion compensation for the loss of the mandate.  Pavilion commenced managing
MGM's funds and unit trusts in April 2002 and the arrangement had until April
2007 to run.

Separately, the Company and Pavilion have agreed with New Star Asset Management
Limited ("New Star") and Family for Pavilion's mandate with Family to be taken
over by New Star with effect from 30th January 2004.  Pavilion commenced
managing Family's funds in September 2000 and the arrangement on its present
terms had until September 2005 to run.

The aggregate amount receivable by Pavilion in cash under these agreements will
be #6.75 million, net of an amount to be paid to Family on 30th January 2004.

The Board is actively formulating proposals for a return of surplus cash to
shareholders and will be communicating with shareholders in that regard early in
the New Year.

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