ICG to replace Hargreaves Lansdown in latest FTSE 100 reshuffle

Asset manager Intermediate Capital Group (ICG) is set to be added to London's top-tier equity index in the latest quarterly reshuffle, swapping places with sector peer Hargreaves Lansdown which will be demoted to the FTSE 250.

The latest changes, announced by index provider FTSE Russell, are based on data as of Friday 17 November, though the actual reshuffle will be based on closing prices on 28 November.

ICG's shares have gained 33% so far this year, giving the company a market capitalisation of £4.5bn, with first-half results announced last week showing a massive jump in pre-tax profits, from £35.6m to £241.9m.

The share price of Hargreaves Lansdown meanwhile has dropped 18% year-to-date with results in September showing that net new business inflows fell 13% in the year to 30 June. Its market cap now stands at £3.3bn.

Joining Hargreaves Lansdown on the FTSE 250 are Halfords Group, Asia Dragon Trust, Hochschild Mining and Tullow Oil.

These will push out the following stocks from the second-tier index: 888 Holdings, CAB Payments, CLS Holdings and Liontrust Asset Management.