* Hedge fund manager lone FTSE 100 casualty
* Babcock International promoted from midcaps
By Jon Hopkins
LONDON, June 6 Hedge fund manager Man Group will be
demoted from Britain's FTSE 100 following the index's latest quarterly
review, with Babcock International moving the other way from the
midcaps, index provider FTSE said on Wednesday.
Man Group shares have nearly halved in value since the last FTSE review in
March, with clients withdrawing 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
the 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 Babcock was placed 83rd, based
on market capitalisation data for Friday's close, according to Thomson Reuters
This quarter's review used the closing prices from Friday, rather than the
usual Tuesday closing prices because of this week's two UK bank holidays, but
the changes had to be confirmed by a FTSE committee on Wednesday.
Daily Mail & General Trust's A shares will be deleted from the
FTSE 250 index, being ineligible for continued inclusion in the FTSE UK Index
series following its re-classification to a Standard listing.
As Daily Mail's ordinary shares are not included in the FTSE
indices because they continue to fail the indexes provider's liquidity criteria
test, the newspaper publisher will no longer be represented in the FTSE UK Index
Eight additions will be made to the FTSE 250 index, with Dechra
Pharmaceuticals, GlobeOp Financial Services, Bank of Georgia
Holdings, John Menzies, NMC Health, Raven Russia
, Ted Baker, and Utilico Emerging Markets all joining.
Going the other way, Anglo Pacific Group, Exillon Energy,
JPMorgan Russian Securities, Kesa Electricals, Lamprell
, Northgate, and Supergroup will all be demoted to the
FTSE Small Caps index.
All the index changes will be implemented from the start of business on June