FHN Financial

What FHN Financial does

FHN Financial is a U.S. capital markets firm operating as divisions and wholly owned subsidiaries of First Horizon Bank (subsidiary of First Horizon Corp., NYSE: FHN). The firm delivers a full-service fixed income, balance sheet management, investment banking, and institutional asset management platform to community and regional banks, credit unions, municipalities, corporations, insurance companies, hedge funds, trust companies, and foundations. Core product lines include fixed income sales and trading across $4.5B average daily trading volume (Treasuries, agencies, MBS, municipals, corporates, SBAs), Public Finance (Top 20 U.S. municipal underwriter), Debt Capital Markets ($240B raised across ~184 deals since 2021), a Financial Institutions Investment Banking Group for FIG M&A and capital raising, Portfolio Advisors ($38B AUM under fiduciary duty), Balance Sheet Solutions (PASPort portfolio accounting, Empyrean-powered ALM advisory, derivative hedging), and Loan Advisory and Trading ($20B+ in loan trades since 2015; $2B+ annual SBA/USDA GGL purchases). The firm claims ~50% penetration of U.S. banks with $100M+ portfolios and #1 Underwriter of Callable Agencies since 2020.

The technology stack is built around legacy institutional platforms rather than modern AI: a proprietary PASPort portfolio accounting system launched in 1988/2004 serving 900+ clients across 1,200+ portfolios, the myFHN 24/7 customer portal for analytics and reporting, Bloomberg integration for market data, and Empyrean Solutions' ALM model for interest rate risk measurement. Distribution is delivered through 25+ U.S. offices, 4,000+ institutional accounts, and senior field-sales teams targeting depository institutions, complemented by content and education channels (FHN Financial Academy, Simply Put podcast, Speakers Network, weekly economic commentary). Revenue is generated through a mix of transactional spreads and fees (sales & trading, DCM, loan trading, public finance underwriting, derivatives) and recurring fees (portfolio accounting subscriptions, ALM advisory retainers, AUM-based portfolio management fees), with pricing custom and not publicly disclosed.

Name

FHN Financial

Legal name

FHN Financial (operates as divisions and subsidiaries of First Horizon Bank)

Website

https://fhnfinancial.com

Company type

Private

Founded year

1864

Operating status

Operating

Headcount range

101–250 employees

Short description

FHN Financial is a U.S. capital markets firm (a division of First Horizon Bank, itself part of First Horizon Corp., NYSE: FHN) providing fixed income sales and trading, municipal and corporate underwriting, balance sheet advisory, portfolio management, and loan trading to community and regional banks, credit unions, municipalities, and corporations.

Ownership category

akta.pro rank

Product category

Institutional Fixed Income and Capital Markets

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Securities and Commodity Contracts Intermediation and Brokerage (5231), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Asset-Backed Securities (6189), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Follow-on Offerings (FPOs) (FSACAAAB)

Keywords

• Fixed income trading
• Balance sheet management
• Institutional investment banking
• Municipal securities underwriting
• Asset-liability advisory

Headquarters

HQ city

Memphis

HQ country

United States

HQ region

North America

Offices19 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Sales & Trading Commissions: FHN Financial generates revenue through fixed income sales and trading operations, including government, agency, mortgage-backed securities, municipal bonds, corporate, and SBA products. Revenue is derived from bid-ask spreads, trading commissions, and market-making activities across their $4.5B average daily trading volume.
2. Investment Banking Fees: Revenue from underwriting municipal securities (competitive and negotiated sales), debt capital markets transactions, and M&A advisory services for financial institutions. The firm has raised $240B across approximately 184 deals since 2021.
3. Loan Trading & Advisory: Loan portfolio trading, analysis, and advisory services generating revenue through transaction fees. Services include loan data review, strategy development & pricing, marketing, underwriting, due diligence, and closing services. Over $20B in agency and private market trades since 2015.
4. Portfolio Accounting Services: Portfolio accounting and analytics services for financial institutions. Serves 900+ institutional clients managing over 1,200 portfolios with their PASPort system. Revenue generated through service fees for accounting, reporting, and analytics.
5. ALM Advisory Services: Asset/Liability Management advisory services providing interest rate risk measurement, risk mitigation, liquidity modeling, and balance sheet consulting for banks, credit unions, and insurance companies.
6. Derivative Products: Interest rate management tools including swaps, caps, and collars for community and regional banks. Revenue from structuring fees and ongoing valuations for loan hedging programs.
7. Portfolio Management Fees: Institutional fixed income portfolio management under trust powers of First Horizon Bank, managing $38B in assets. Revenue through fiduciary investment management fees.
8. SBA/USDA Government Guaranteed Loans: Secondary market trading of SBA, USDA, and government-guaranteed loan products. Average over $2B in GGL purchases annually. Revenue from trading spreads and market-making activities.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

FHN Financial is a capital markets firm that delivers fixed income sales and trading, balance sheet and asset/liability management solutions, public finance and debt capital markets underwriting, institutional portfolio management, and loan trading and advisory services. It operates as an entity of First Horizon Bank, leveraging proprietary systems such as PASPort portfolio accounting and the myFHN client portal to serve depository institutions, municipalities, corporations, insurance companies, and other institutional investors.

Product overview

FHN Financial is a capital markets firm offering a comprehensive platform of fixed income products and services through multiple integrated divisions. The core offerings include Sales & Trading (fixed income execution across $4.5B average daily trading volume), Balance Sheet Solutions (portfolio accounting via proprietary PASPort system, asset/liability management, and derivative products), Investment Banking (Public Finance, Debt Capital Markets, and Financial Institutions Group), Portfolio Management (Portfolio Advisors with $38B AUM), and Loan Solutions (advisory/trading and SBA/USDA government guaranteed loans). The platform is enhanced by myFHN analytics portal, FHN Financial Academy educational resources, and is backed by the enterprise resources of First Horizon Bank with $83.9B in assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Sales & Trading Fixed income sales and trading platform offering comprehensive solutions for institutional, corporate, municipal, and government/agency customers across Agency, Treasury, Corporate, Municipal, Mortgage, and SBA markets, with $4.5B average daily trading volume.
• Portfolio Strategies & Analytics

Quantifiable outcome

• $4.5B Average Daily Trading Volume with $2.6B Average Daily Inventory
• +6 more outcomes

Named customers11 records

Segments9 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Empyrean SolutionscoreTechnology or IntegrationEmpyrean Solutions ALM Model is utilized by FHN Financial's ALM Advisors team for their modeling platform providing interest rate risk measurement, risk mitigation, liquidity modeling, and balance sheet consulting services for banks, credit unions, and insurance companies with assets ranging from $28M to $24B.

Scale indicators20 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Piper Sandler Companies: Diversified middle-market capital markets firm with a comparable fixed income sales & trading franchise, public finance underwriting and financial institutions investment banking coverage that directly competes with FHN Financial across community bank and municipal issuer clients.
• Stifel Financial Corp. Mid-market full-service broker-dealer and investment bank with a strong fixed income and public finance platform serving depository institutions and municipalities, closely mirroring FHN Financial's product breadth and customer base.
• Jefferies Financial Group: Investment bank and securities dealer with a comparable mid-market capital markets franchise spanning fixed income trading, leveraged finance, public finance and asset management — directly competing with FHN's DCM, trading and Portfolio Advisors businesses.
• Raymond James Financial: Diversified financial services firm with a fixed income capital markets, public finance, and asset management platform that overlaps directly with FHN's institutional sales, underwriting, and Portfolio Advisors franchises.
• Robert W. Baird & Co. Privately held, employee-owned broker-dealer and investment bank with a comparable fixed income, public finance and asset management business serving institutional, municipal and corporate clients similar to FHN Financial.
• Truist Securities (Truist Financial): Capital markets and investment banking arm of a large regional bank parent, providing fixed income sales & trading, public finance, DCM and institutional services to depository institutions and municipalities in direct competition with FHN Financial.
• KeyBanc Capital Markets: Bank-affiliated broker-dealer with a fixed income sales & trading, public finance and FIG investment banking franchise targeting community and regional banks, mirroring FHN Financial's distribution model and product mix.
• Hilltop Securities (Hilltop Holdings): Bank-affiliated broker-dealer focused on public finance, fixed income sales & trading, and capital markets services for municipalities and financial institutions — a close peer in the municipal underwriting segment that competes directly for K-12 and government issuer mandates.
• D.A. Davidson & Co. Employee-owned full-service investment firm offering fixed income, public finance, investment banking and asset management to community banks, municipalities and institutional clients — a comparable middle-market competitor with similar customer overlap.

Broad incumbents

• BNY Mellon: Large incumbent asset manager and securities services provider operating across fixed income portfolio management, custody and institutional trading; while far larger and more diversified, it competes with FHN Financial Portfolio Advisors ($38B AUM) for institutional fixed income mandates.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubemusic.youtube.com/playlist?list=PLRDlTKNwZcT6Hgipv7bKYnE1LkRzJw9Pu
• LinkedInlinkedin.com/company/fhn-financial

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FHN Financial