LONDON, June 6 Hedge fund manager Man Group will be
demoted from Britain's FTSE 100 index following the latest quarterly
review, with Babcock International promoted from the midcaps, index
provider FTSE said on Wednesday.
Man Group shares have nearly halved in value since the last FTSE review in
March, as clients withdrew money from the group's funds as markets were roiled
by the euro zone debt crisis.
Shares in defence services firm Babcock have gained nearly 15 percent over
that same period, boosted by expectations that government austerity policies
will benefit the company, which owns the Devonport dockyard where British navy
submarines are maintained.
Companies outside the FTSE 100 that grow to rank among the 90 largest by
market capitalisation are automatically promoted into the blue chip index, while
the FTSE 100 firms with the lowest value or that fall to 111th spot or below
drop into the FTSE Midcap 250 index.
Man Group shares were in 156th place, while those of Babcock were at 83rd
place, based on market capitalisation data for the close on Friday, June 1,
according to Thomson Reuters Starmine data.