First Horizon CIO Teal Maps 45%-60% Equity Strategy for $39.1 Billion Wealth Unit
Updated
Updated · Wealth Management · Sep 21
First Horizon CIO Teal Maps 45%-60% Equity Strategy for $39.1 Billion Wealth Unit
1 articles · Updated · Wealth Management · Sep 21
Summary
$39.1 billion First Horizon Wealth Management is preparing new global asset-allocation strategies for later this year, with CIO Eric Teal emphasizing a fully invested, risk-aware approach rather than market timing.
Balanced portfolios typically hold 45%-60% in equities, 25%-35% in fixed income and 10%-15% in alternatives, spread across 10 to 12 asset classes with liquid or semiliquid vehicles.
Crypto is excluded entirely because of its volatility and limited history, while alternatives such as infrastructure, commodities and managed-futures strategies are used to add diversification and liquidity.
Teal said the biggest current risk is extreme market concentration around large-cap growth, technology and AI, prompting broader exposure beyond the dominant names.
That view underpins his opportunity set: continued market broadening, stronger small-cap performance since June 2025, and improving value in developed and emerging international markets.