DALLAS--(BUSINESS WIRE)--
Westwood Holdings Group, Inc. (NYSE: WHG) has finalized its acquisition
of Woodway Financial Advisors (Woodway), which was initially announced
on January 15, 2015. As of December 31, 2014, Woodway manages over $1.6
billion in private wealth client assets and currently has 26 employees.
Woodway now operates as a Houston branch of Westwood Trust, a wholly
owned subsidiary of Westwood Holdings Group.
"We are very pleased to announce the successful closing of this
acquisition of a premier wealth management firm. It represents the
achievement of a long-term strategic aim to gain a presence in the
attractive and fast-growing Houston market. As we have continued to work
closely with the Woodway team throughout this process, our belief that
Woodway is a great cultural fit has become even stronger. The team's
strong emphasis on client engagement, providing superior long-term
results, and its employee-centered culture mirror Westwood's core
values," said Brian O. Casey, President and Chief Executive Officer of
Westwood.
William D. Cunningham, President of Woodway, commented, "Westwood is the
ideal strategic partner to help us provide our clients with an even more
robust suite of services over time. We are excited to expand the
services we offer our clients, and the broader market, while retaining
our culture. Having experienced such a smooth transition, I am more
confident than ever that, with Westwood's involvement, our clients will
continue to receive the service that has guided Woodway since we were
founded in 1982. We are proud to be officially joining the Westwood team
today."
Woodway's financial results will be consolidated into Westwood's
financial results beginning April 1, 2015, which is the accounting
period immediately succeeding the completion of the acquisition.
Additionally, Woodway's assets under management will be combined with
Westwood's assets under management at that time. Woodway's assets under
management at the time of the acquisition were approximately $1.6
billion.
About Westwood
Westwood Holdings Group, Inc. provides investment management services to
institutional investors, private wealth clients and financial
intermediaries. With $20.3 billion in assets under management (as of
December 31, 2014), the firm offers a range of investment strategies
including U.S. equities, Master Limited Partnerships (MLPs),
Multi-Asset, Global and Emerging Markets equities, and Global
Convertible securities portfolios. Access to these strategies is
available through separate accounts, commingled funds, the Westwood
Funds family of mutual funds, and UCITS funds. 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, Boston, Omaha and Houston.
For more information about Westwood, please visit our website at www.westwoodgroup.com.
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 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, our annual report on Form 10-K for the
year ended December 31, 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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