The world's largest publicly-listed hedge fund is now half the Man it used to be, and a former member of the London Stock Exchange's most elite club.
Index provider FTSE Group yesterday confirmed that it had kicked Man Group out of the FTSE 100 Index of the L.S.E.'s largest companies. In its place is defense services firm Babcock International.
FTSE reviews its constituents quarterly, automatically promoting companies whose market capitalization is in the top 90 and automatically demoting those below 111th place. Man closed on Friday in 156th place, its shares losing almost half their value since the last review in March.
Man was the only demotion from the FTSE 100 yesterday, and drops into the FTSE Midcap 250 Index. The change takes effect on June 18.