Resolution to lose place in FTSE 100

THE new owner of life and pensions firm Friends Provident is to be relegated from the FTSE 100 Index in the latest blue chip reshuffle, it was confirmed last night.

By The Newsroom

Published 10th Mar 2010, 20:05 BST

Updated 10th Mar 2010, 20:08 BST

Resolution, which bought Friends last November in a 1.86 billion deal, will be shunted out of the top tier after market close on 19 March, following recent hefty share price falls. The group has seen its shares plunge by about 20 per cent since the beginning of the year to 73.5p.

Resolution will be replaced by investment bank Investec as part of the quarterly FTSE Group review.