First Horizon Sells Another Unit

The spring diet at First Horizon National Corp. continues.

First Horizon, of Memphis, Tenn., has agreed to sell Highland Capital Management Corp., its investment management subsidiary, to the subsidiary's president, Steven Wishnia. The agreement, signed March 31, was reported Wednesday by The Daily News of Memphis.

Rhomes Aur, executive vice president of wealth management and private client services at First Horizon's First Tennessee Bank, confirmed the deal but declined to provide further details other than it is expected to close by April 30.

On the same day it agreed to sell Highland, First Horizon announced it was selling its property and casualty insurance unit to Brown & Brown Inc.

"Our CEO Bryan Jordan has said a number of times we really want to focus on the First Tennessee banking franchise and the capital markets group," Aur said. "We'll continue to look at our businesses and try to determine what makes the most sense."

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