DALLAS--(BUSINESS WIRE)--
Westwood Holdings Group, Inc. (NYSE: WHG) has reached an agreement to
acquire Woodway Financial Advisors (Woodway), a private wealth and trust
company based in Houston, Texas. Woodway manages over $1.6 billion in
private wealth client assets and has 27 employees. Westwood expects
Woodway to operate as a Houston branch of Westwood Trust, a wholly owned
subsidiary of Westwood Holdings Group.
"One of the cornerstones of our business has always been providing
private wealth clients with institutional-caliber investment management
services. As we looked to expand our private wealth footprint, we found
Woodway to be a natural extension. Woodway's strong emphasis on client
engagement and providing superior long-term results, and its
employee-centered culture fit with Westwood's core values," said Brian
O. Casey, President and Chief Executive Officer of Westwood.
"Establishing a presence in the Houston market has been a priority for
many years. After an exhaustive search for a strong partner, we have
found an excellent fit in Woodway, which is the premier wealth
management firm in this attractive and fast-growing market."
William D. Cunningham, President of Woodway Financial Advisors,
commented, "We are excited to be able to provide our clients with an
even more robust suite of services over time and Westwood is the ideal
strategic partner to help us achieve our goals. Offering this to our
clients, and the broader market, while retaining our culture and
ensuring our clients continue to receive the service that has guided
Woodway since its founding in 1982, is exactly what we've been looking
for. We are proud to be joining the Westwood team and are confident in
our shared approach to providing world-class investment management and
client services."
The transaction is anticipated to close during the first quarter of 2015
and is expected to be accretive to Westwood Holdings Group earnings. The
transaction is subject to approval by the Texas Department of Banking
and other customary closing conditions.
About Westwood
Westwood Holdings Group, Inc. provides investment management services to
institutional investors, private wealth clients and financial
intermediaries and manages $19.8 billion in assets*, with
Westwood Trust managing $3.3 billion*. The firm manages a
range of investment strategies including U.S. equities, Global and
Emerging Markets equities, Global Convertible securities, and
Specialized/Income-oriented portfolios. Westwood benefits from
significant, broad-based employee ownership and trades on the New York
Stock Exchange under the symbol "WHG." Based in Dallas, Westwood also
maintains offices in Toronto, Canada, Boston, MA, and Omaha, NE.
For more information about Westwood, please visit our website at www.westwoodgroup.com.
About Woodway
Woodway Financial Advisors is a Texas state-chartered trust company
based in Houston, Texas. The firm manages more than $1.6 billion in
client assets, working with individuals and their families to meet their
financial objectives with tailor-made portfolios. Since its founding in
1982, the firm has also provided fee-only financial planning and
confidential guidance to successful corporate executives, professionals
and owner operators, helping to orchestrate the individual's entire
financial situation, in dealing with cash flow and budgeting, insurance
and benefits, investments, estate planning and distribution. As an
authorized corporate fiduciary, Woodway services its clients' needs as
an executor or trustee for estates and trusts, in addition to working
with many family foundations and partnerships.
*As of September 30, 2014
Statements in this press release that are not purely historical facts
constitute forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Actual results and the
timing of some events could differ materially from those projected in or
contemplated by the forward-looking statements due to a number of
factors, including, without limitation: approval of the transaction by
the Texas Department of Banking; other customary closing conditions; our
ability to identify and successfully market services that appeal to our
customers; the significant concentration of our revenues among a few
customers; our relationships with investment consulting firms; our
relationships with current and potential customers; our ability to
retain qualified personnel; our ability to successfully develop and
market new asset classes; our ability to maintain our fee structure in
light of competitive fee pressures; competition in the marketplace;
downturns in the financial markets; new legislation adversely affecting
the financial services industries; interest rates; changes in our
effective tax rate; our ability to maintain an effective system of
internal controls; and the other risks detailed from time to time in
Westwood's SEC filings, including, but not limited to, its annual report
on Form 10-K for the year ended December 31, 2013 and its quarterly
report on Form 10-Q for the quarters ended March 31, 2014, June 30,
2014, and September 30, 2014. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date of this press release. Except as required by law, Westwood is not
obligated to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date of this
press release or to reflect the occurrence of unanticipated events.
(WHG-G)
Westwood Holdings Group, Inc.
Jamie Christensen, 214-756-6900,
jchristensen@westwoodgroup.com
Source: Westwood Holdings Group, Inc.
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