SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

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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): August 23, 2002

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 5. Other Events.

Westwood Holdings Group, Inc. issued a press release this morning
announcing that its Board of Directors has approved the payment of an initial
quarterly cash dividend of $0.02 per common share, payable on October 1, 2002 to
stockholders of record on September 16, 2002. A copy of such press release is
filed as Exhibit 99.1 hereto and is incorporated by reference herein.

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: August 23, 2002

WESTWOOD HOLDINGS GROUP, INC.

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

EXHIBIT INDEX
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Exhibit Number          Description
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99.1               Press release dated August 23, 2002.

Exhibit 99.1

Westwood Holdings Group, Inc. Declares Initial Dividend

Dallas, August 23 - Westwood Holdings Group, Inc. (NYSE: WHG) today announced
that its Board of Directors has approved the payment of an initial quarterly
cash dividend of $0.02 per common share, payable on October 1, 2002 to
stockholders of record on September 16, 2002.

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
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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," "comfortable with," "optimistic" 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 "Risk Factors" in the Company's Amendment No. 5 to the Registration
Statement on Form 10 filed with the Securities and Exchange Commission on June
6, 2002. 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.

SOURCE:  Westwood Holdings Group, Inc.

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CONTACT:
Westwood Holdings Group, Inc.
Bill Hardcastle
(214) 756-6900