Westwood Holdings Group, Inc. Finalizes Acquisition of Woodway Financial Advisors in Houston, Expanding the Westwood Trust Pr...
April 01 2015 - 5:20PM
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,
214-756-6900jchristensen@westwoodgroup.com
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