Resolution slides off FTSE 100

Clive Cowdery’s Resolution slipped off the FTSE 100 last night and now ranks as the 123rd largest company on the London market.

The insurance takeover vehicle has seen its share price plunge around 20% since the start of the year. At £1.7bn, the company now stands as the 123rd-biggest on the London market.

Resolution's share price retreated to 71.95p last night - compared to a high of 116p and 100p when flotated in December 2008.

The £600m raised from the IPO was intended to fund takeovers, but despite several companies being lined up only one deal has thus far materialised - last year's £1.9bn purchase of Friends Provident.

In Feburary, Friends Provident reported a 13% drop in 2009 sales, with speculation Resolution would unveil plans for a further acquisition in the UK life space.

Last week rumours surfaced the acquisition vehicle was eyeing up Aegon UK, the Edinburgh-based life and pensions business.

Legal & General, Aberdeen Asset Management and Scottish Widows have all previously been mooted as possible suitors.

Resolution's place in the top flight is expected to be taken by South African financial services group Investec.