Westwood Holdings Group, Inc. reported a total revenue of $94.7 million for the fiscal year ending December 31, 2024, marking a 6% increase from $89.8 million in 2023. This growth was primarily driven by a rise in average assets under management (AUM), which reached approximately $16.6 billion, a 7% increase from $15.5 billion in the previous year. The firm also reported a net income of $2.2 million, a significant decline of 79% compared to $10.6 million in 2023, largely due to increased employee compensation and a loss related to the fair value of contingent consideration from the Salient Acquisition.
In terms of operational changes, Westwood made notable strategic moves in 2024, including the launch of two new exchange-traded funds (ETFs): the Westwood Salient Enhanced Midstream Income ETF and the Westwood Salient Enhanced Energy Income ETF. Additionally, the company expanded its partnership with WEBs Investments Inc. to develop innovative investment strategies. The firm’s AUM growth was supported by a market appreciation of $1.9 billion, although it faced net outflows of $0.8 billion, primarily from its LargeCap Value and SmallCap Value strategies.
Westwood's workforce remained stable, with 151 full-time employees as of December 31, 2024. The company emphasized its commitment to diversity, reporting that approximately 41% of its workforce is female and 32% are minorities. The firm’s operational structure is designed to support growth through acquisitions and product innovation, as evidenced by the acquisition of a controlling interest in Broadmark Asset Management in early 2023 and the integration of the Managed Investment Solutions team.
Looking ahead, Westwood Holdings Group aims to continue expanding its AUM through both organic growth and strategic acquisitions. The company plans to leverage its enhanced product offerings and distribution capabilities to attract new clients and retain existing ones. However, the firm acknowledges the competitive landscape of the asset management industry, which poses challenges in maintaining fee structures and client relationships. The management remains optimistic about future growth opportunities, particularly in the rapidly expanding Texas market, where Westwood Trust operates.
About WESTWOOD HOLDINGS GROUP INC
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