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JMC GROUP INC. REACHES AGREEMENT IN PRINCIPLE TO MANAGE MUTUAL FUND SALES PROGRAM AT FIRST TENNESSEE BANK

 SAN DIEGO, Nov. 23 /PRNewswire/ -- JMC Group Inc. (NASDAQ: JMCG) today announced that it has reached an agreement in principle to continue marketing annuities and to expand its existing program to include mutual fund sales to customers of First Tennessee Bank, the wholly owned subsidiary of First Tennessee National Corp. (NASDAQ: FTE), a $9 billion financial institution based in Memphis, Tenn.
 JMC has offered an annuity sales program to the customers of First Tennessee for five years. With the implementation of mutual fund sales and expansion of the annuity program, the company's sales staff will increase to 25.
 First Tennessee, with 157 branches throughout the state, currently offers a variety of mutual funds to its customers. Under the new agreement, JMC will assume overall responsibility for distribution of annuities and mutual funds. Mutual funds sales personnel will have the opportunity to become employees of JMC, and JMC will implement its proprietary marketing and systems procedures. Mutual funds customers will be serviced through JMC's existing distribution center in Memphis.
 "This agreement in principle not only renews our existing contract for an annuity program but also expands JMC's business in this market into mutual fund sales," said James Mitchell, chairman and chief executive officer. "We anticipate that new business will have a positive impact on earnings in the first quarter of 1994 because there will be less in the way of start-up costs associated with its implementation. First Tennessee established their mutual funds program last year, and we already have a distribution center in Tennessee, although we will be hiring additional service representatives."
 JMC Group Inc., through its wholly owned subsidiary, James Mitchell & Co., is a leading marketer of annuities and other insurance products and mutual funds to customers of financial institutions.
 -0- 11/23/93
 /CONTACT: Doug Sherk or Jenifer Kirtland, 415-296-7383, or Michele Katz or Stephanie Ferrell, 212-850-5600, all of Morgen-Walke Associates, for JMC Group/
 (JMCG FTE)


CO: JMC Group Inc.; First Tennessee National Corp. ST: California, Tennessee IN: FIN SU:

LW-TM -- SF004 -- 7240 11/23/93 11:44 EST
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Publication:PR Newswire
Date:Nov 23, 1993
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