Aberdeen Asset Management is to be the latest entrant to the FTSE 100 index, in the quarterly rebalancing of the index range.
The asset manager joins several peers in the blue chip index, including Ashmore, Man Group, and Schroders. It is the first time Aberdeen has been promoted to the FTSE 100 index.
Martin Gilbert, the chief executive and co-founder of Aberdeen, said: “Aberdeen Asset Management’s elevation to the FTSE 100 is credit to the hard work of our people, our fundamental approach to investing and the support of our global client base. (article continues below)
“Today the group is well placed given the strength and diversity of our products and client base. By remaining focused on delivering strong long-term performance and good service to our investors we will continue to develop and grow.”
There had been speculation over whether Hargreaves Lansdown would remain within the blue chip index.
However, the recent travails of Essar Energy and underperformance of Cairn Energy saved Hargreaves Lansdown from a short FTSE 100 tenure.
Both Essar and Cairn are to be relegated to the FTSE 250, while Croda International, a chemicals company, will join Aberdeen in the FTSE 100 index.
Further down the market cap scale, two investment trusts – JPMorgan European Smaller Companies and Impax Environmental Markets – are set to be bumped out of the FTSE 250 into the FTSE Small Cap index, with the Neuberger Berman Global Floating Rate Income fund going the other way.
Bilfinger Berman Global Infrastructure, a recent investment trust launch, is to be promoted to the FTSE All-Share and Small Cap indices.