Investec replaces Cowdery’s Resolution in FTSE 100

South African banking group Investec will join the ranks of the largest companies in the London market when it replaces Resolution in the FTSE 100.

Earlier this week, Clive Cowdery's Resolution slipped off London's leading index and its place in the top flight will be taken by Investec as of March 22.

Resolution, which has seen its share price plunge around 20% since the start of the year, now slides into the FTSE 250 index.

The insurance takeover group acquired Friends Provident last November for £1.9bn and a number of other companies have also been mooted as potential targets, the most recent of which was Aegon UK.