Q4 2024 Westwood Holdings Group Inc Earnings Call Transcript
Key Points
- Westwood Holdings Group Inc (WHG) reported a significant increase in institutional mandates, winning and funding 8 mandates totaling over $600 million, a 100% increase over the prior year.
- The company successfully entered the fast-growing ETF market with the launch of two active ETFs, which have shown strong initial momentum.
- Westwood's flagship multi-asset strategy, Income Opportunity, executed a turnaround and finished in the top quartile for trailing periods in its Morningstar category.
- The acquisition of Salient Partners' asset management business continues to exceed expectations, enhancing capabilities in energy and real estate income strategies.
- Westwood Holdings Group Inc (WHG) maintained a solid financial position with cash and liquid investments totaling $44.6 million and a debt-free balance sheet.
- Despite positive developments, Westwood Holdings Group Inc (WHG) experienced net outflows of $0.8 billion in assets under management over the year.
- The company's comprehensive income for 2024 was $2.2 million, a significant decrease from $9.5 million in 2023, impacted by higher employee expenses and changes in the fair value of contingent consideration.
- Most of Westwood's US value products were behind their benchmarks, although 80% of value strategies are ahead over trailing 3-year periods.
- The intermediary channel faced net outflows of $229 million, despite some bright spots in specific strategies.
- Economic earnings for the year were $7 million or $0.82 per share, down from $18.3 million or $2.26 per share in 2023.
Good day and thank you for standing by. Welcome to the 4Q 2024 Westwood Holdings Group in earnings conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question and answer session. To ask a question, please press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. I would not like to hand the conference over to your speaker today, Brian Casey, CEO.
Thank you and welcome to our 4th quarter 2024 earnings conference call. The following discussion will include forward-looking statements that 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. Additional information concerning the factors that could cause such a difference is included in our press release issued
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