SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

----------

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2003

WESTWOOD HOLDINGS GROUP, INC.
(Exact name of registrant as specified in charter)

Delaware                       001-31234                  75-2969997
(State or other jurisdiction        (Commission                (IRS Employer
of incorporation)              File Number)             Identification No.)

300 Crescent Court, Suite 1300, Dallas, Texas 75201
(Address of principal executive offices)

(214) 756-6900
(Registrant's telephone number, including area code)

ITEM 7. EXHIBITS

(c) Exhibits: The following exhibit is furnished with this report:

Exhibit Number    Description

99.1              Press  Release dated October 21, 2003, entitled "Westwood
Holdings Group, Inc. Reports Third Quarter 2003 Results and
Declares Quarterly Dividend"

ITEM 9. REGULATION FD DISCLOSURE / RESULTS OF OPERATIONS AND FINANCIAL CONDITION

In accordance with Securities and Exchange Commission Release No. 34-47583, the
following information, which is being furnished pursuant to the requirements of
Item 12, "Results of Operations and Financial Condition," is being reported
under Item 9, "Regulation FD Disclosure."

On October 21, 2003, Westwood Holdings Group, Inc. issued a press release
entitled "Westwood Holdings Group, Inc. Reports Third Quarter 2003 Results and
Declares Quarterly Dividend," a copy of which is furnished with this Current
Report on Form 8-K as Exhibit 99.1. The information in this Current Report on
Form 8-K shall not be deemed to be "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that Section, nor shall it be deemed incorporated by reference in
any filing of the Company under the Securities Act of 1933, as amended.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Date:    October 21, 2003

WESTWOOD HOLDINGS GROUP, INC.

By: /s/ Brian O. Casey
-------------------------------------
Brian O. Casey,
President and Chief Operating Officer

EXHIBIT INDEX

Exhibit Number    Description
--------------    -----------

99.1         Press release dated October 21, 2003, entitled "Westwood
Holdings Group, Inc. Reports Third Quarter 2003 Results and
Declares Quarterly Dividend"

Exhibit 99.1

Westwood Holdings Group, Inc. Reports Third Quarter 2003 Results and Declares
Quarterly Dividend

DALLAS, Oct. 21 /PRNewswire-FirstCall/ -- Westwood Holdings Group, Inc.

(NYSE: WHG) today reported 2003 third quarter revenues of $5.3 million, net

income of $1.3 million, and earnings per diluted share of $0.24.  This

compares to revenues of $5.5 million, net income of $1.2 million and earnings

per diluted share of $0.22 in the third quarter of 2002.  For the nine months

ended September 30, 2003, Westwood reported revenues of $15.4 million and net

income of $3.8 million, or $0.70 per diluted share, compared to revenues of

$16.6 million and net income of $3.8 million, or $0.71 per diluted share, for

the same 2002 period.

Total operating expenses for the 2003 third quarter were $3.1 million, an

8.7% decrease compared to $3.4 million for the 2002 third quarter.

Assets under management were $3.6 billion as of September 30, 2003, a

decrease of 7.0% compared to $3.9 billion on September 30, 2002.  Average

assets under management for the third quarter of 2003 were $4.0 billion

compared to $4.3 billion for the third quarter of 2002, a decrease of 6.8%.

The decline in assets under management was primarily due to the withdrawal of

assets by certain clients partially offset by the market appreciation of

assets under management and inflows from new clients.

Westwood also announced today that its Board of Directors has approved the

payment of a quarterly cash dividend of $0.03 per common share, payable on

January 2, 2004 to stockholders of record on December 15, 2003.

Susan M. Byrne, Westwood's founder and Chief Executive Officer commented,

"We are pleased with the vote of confidence from our existing team as well as

newly hired professionals, who have chosen to receive a significant component

of their bonus compensation in the form of equity-based awards.  Their belief

in the benefits of sustainable value creation at the expense of short-term

results bodes well for all investors with a long-term time horizon.  We

continue to focus on the long-term growth of the firm while we move forward

with our plans to broaden our product offerings."

About Westwood

Westwood Holdings Group, Inc. manages investment assets and provides

services for its clients through two subsidiaries, Westwood Management Corp.

and Westwood Trust.  Westwood Management Corp. is a registered investment

advisor and provides investment advisory services to corporate pension funds,

public retirement plans, endowments and foundations, mutual funds and clients

of Westwood Trust.  Westwood Trust provides, to institutions and high net

worth individuals, trust and custodial services and participation in common

trust funds that it sponsors.  Westwood Holdings Group, Inc. trades on the New

York Stock Exchange under the symbol "WHG".  For more information, please

visit the Company's website at www.westwoodgroup.com .

Note on Forward-looking Statements

Statements that are not purely historical facts, including statements

about anticipated or expected future revenue and earnings growth and

profitability, as well as other statements including words such as

"anticipate," "believe," "plan," "estimate," "expect," "intend," "should,"

"could," "goal," "target," "designed," "on track," "continue," "comfortable

with," "optimistic," "look forward to" and other similar expressions,

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.  These forward-looking statements are subject to

known and unknown risks, uncertainties and other factors, which may cause

actual results to be materially different from those contemplated by the

forward-looking statements.  Such factors include the risks and uncertainties

referenced in our documents filed with, or furnished to, the Securities and

Exchange Commission, including without limitation those identified under the

caption "Forward-Looking Statements and Risk Factors" in the Company's Annual

Report on Form 10-K filed with the Securities and Exchange Commission.  We

undertake no obligation to publicly update or revise any forward-looking

statements, whether as a result of new information, future events or

otherwise.  Readers are cautioned not to place undue reliance on forward-

looking statements.

WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

(unaudited)

Three months ended        Nine months ended

September 30,             September 30,

2003         2002         2003         2002

REVENUES:

Advisory fees         $3,491       $4,156      $10,804      $12,482

Trust fees             1,260        1,127        3,470        3,432

Other revenues           539          258        1,098          697

Total revenues       5,290        5,541       15,372       16,611

EXPENSES:

Employee compensation

and benefits          2,176        2,583        6,497        6,930

Sales and marketing      130          114          451          394

Information

technology              214          228          597          688

Professional services    258          184          676          991

General and

administrative          368          335        1,080        1,135

Total expenses       3,146        3,444        9,301       10,138

Income before income

taxes                   2,144        2,097        6,071        6,473

Provision for income

tax expense               825          893        2,303        2,625

Net income              $1,319       $1,204       $3,768       $3,848

Earnings per share:

Basic                  $0.24        $0.22        $0.70        $0.71

Diluted                $0.24        $0.22        $0.70        $0.71

WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

As of September 30, 2003 and December 31, 2002

(in thousands, except par values and share amounts)

(unaudited)

September 30,   December 31,

2003           2002

ASSETS

Current Assets:

Cash and cash equivalents                       $8,313         $4,359

Accounts receivable                              2,196          2,186

Investments, at market value                    16,260         14,230

Total current assets                          26,769         20,775

Goodwill, net of accumulated amortization

of $640                                         2,302          2,302

Other assets, net                                  971          1,043

Total assets                                 $30,042        $24,120

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts payable and accrued liabilities          $933           $701

Dividends payable                                5,704            108

Compensation and benefits payable                2,295          3,523

Income taxes payable                               438            604

Total current liabilities                      9,370          4,936

Other liabilities                                   40             61

Total liabilities                              9,410          4,997

Stockholders' Equity:

Common stock, $0.01 par value, authorized

10,000,000 shares, issued 5,538,097 and

outstanding 5,537,744 shares at

September 30, 2003; issued 5,394,522 and

outstanding 5,394,145 shares at

December 31, 2002                                  55             54

Additional paid-in capital                      12,671          9,579

Treasury stock, at cost - 353 shares at

September 30, 2003 and 377 shares at

December 31, 2002                                  (6)            (6)

Unamortized stock compensation                  (2,599)           ---

Notes receivable from stockholders                 ---         (3,598)

Retained earnings                               10,511         13,094

Total stockholders' equity                    20,632         19,123

Total liabilities and stockholders' equity       $30,042        $24,120

Contact:

Westwood Holdings Group, Inc.

Investor Relations

(214) 756-6900

SOURCE  Westwood Holdings Group, Inc.

-0-                             10/21/2003

/CONTACT:  Bill Hardcastle of Westwood Holdings Group, Inc.,

+1-214-756-6383/

/Web site:  http://www.westwoodgroup.com /

(WHG)

CO:  Westwood Holdings Group, Inc.

ST:  Texas

IN:  FIN

SU:  ERN DIV