Westwood Holdings Group, Inc., through its subsidiaries, manages investment assets and provides services for its clients. The company operates in two segments, Advisory and Trust. The Advisory segment provides investment advisory services to corporate retirement plans, public retirement plans, endowments, foundations, individuals, and the Westwood Funds; and investment sub-advisory services to mutual funds, pooled investment vehicles, and its Trust segment. The Trust segment offers trust and custodial services; and participates in common trust funds that it sponsors to institutions and high net worth individuals. Westwood Holdings Group, Inc. was founded in 1983 and is based in Dallas, Texas.
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Here are 1-2 brief analogies for Westwood (WHG):
- A boutique active investment manager, similar to a smaller T. Rowe Price or Franklin Templeton.
- An independent asset management firm, like a smaller Invesco.
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- Institutional Investment Management: Provides active investment strategies and portfolio management services to institutional clients such as public and corporate pension funds, endowments, and foundations.
- Private Wealth Management: Offers comprehensive wealth management services, including investment planning, financial planning, and estate planning for high-net-worth individuals and families.
- Financial Intermediary Solutions: Delivers investment solutions and strategies to other financial advisors and platforms, often through sub-advisory relationships or proprietary mutual funds.
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Westwood Holdings Group, Inc. (WHG) is an investment management company that provides a range of investment advisory and related services. Based on their Assets Under Management (AUM), a significant portion of their business comes from institutional clients, indicating that they primarily sell to other organizations or companies rather than individuals directly.
However, due to the confidential nature of client relationships in the investment management industry, Westwood does not publicly disclose the names of its specific major institutional customers. Instead, their customer base can be broadly categorized by the types of clients they serve.
Westwood's major customers can be described across the following categories:
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Institutional Clients: This category includes a diverse group of organizations such as corporate pension plans, public pension plans, endowments, foundations, and sovereign wealth funds. These entities typically invest large sums of capital and often seek specialized investment strategies managed by firms like Westwood.
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Private Wealth Clients: Westwood serves high-net-worth individuals, families, and family offices who require sophisticated investment management solutions tailored to their specific financial goals and risk profiles.
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Financial Intermediaries: This segment includes other investment advisers, mutual fund companies, and various financial institutions that utilize Westwood's expertise by investing in their strategies on behalf of their own clients or through sub-advisory relationships for pooled investment vehicles.
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Brian O. Casey, Chief Executive Officer
Mr. Casey has served as Chief Executive Officer of Westwood Holdings Group, Inc. since 2005 and became President of Westwood Wealth Management in December 2024, a role he previously held from 1996 to 2013. He originally joined Westwood in 1992 and has served in various executive roles, including President and Chief Executive Officer of Westwood Management Corp. and Westwood Trust. In 2002, he led the company's spin-off to form Westwood Holdings Group, Inc. He also led the acquisitions of Woodway Financial Advisors in 2015 and the assets of Salient Partners in 2022. Prior to joining Westwood, Mr. Casey was a portfolio manager for a privately held trust company. Westwood sold its trust company operations in 2022.
Murray Forbes, III, Chief Financial Officer, Principal Accounting Officer and Treasurer
Mr. Forbes was promoted to Chief Financial Officer in October 2018. He joined Westwood in December 2014 as Vice President of Finance. He has 18 years of multi-industry experience, including 12 years in public accounting, most recently as an audit senior manager at KPMG LLP. Before Westwood, Mr. Forbes served as Senior Director and Assistant Controller of CEC Entertainment, Inc., which was a NYSE-listed company until February 2014.
Fabian Gomez, President and Chief Operating Officer
Mr. Gomez joined Westwood in 2015 and is responsible for Investment Operations, Information Technology, Legal & Compliance, and Strategic Planning functions. Prior to Westwood, he was the Global Head of Equity and Alternative Investment Applications at Invesco. He also served as Managing Director and Chief Information Officer for six years at McDonnell Investment Management and held positions at Nuveen Investments, Morgan Stanley Investment Management, and Van Kampen Funds.
Adrian Helfert, Chief Investment Officer, Multi-Asset
Mr. Helfert serves as the Chief Investment Officer, Multi-Asset at Westwood Holdings Group. His background information beyond his title at Westwood was not available in the provided search results.
Julie Kramer Gerron, Senior Vice President, General Counsel and Corporate Secretary
Ms. Gerron serves as Senior Vice President, General Counsel and Corporate Secretary at Westwood Holdings Group. She has held roles as Assistant Attorney General at the Oklahoma Office of the Attorney General and Special Assistant to the Executive Director at the Oklahoma House of Representatives. She also worked as a Portfolio Manager at Smith Group Asset Management.
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The key risks to Westwood Holdings Group (WHG) are:
- Persistent Net Outflows of Assets Under Management (AUM): Westwood Holdings Group continues to experience net outflows in its core segments, with overall AUM growth largely attributed to market appreciation rather than organic inflows. For instance, in Q3 2025, the company saw net outflows of $0.7 billion. This trend indicates a challenge in attracting and retaining client assets, which is fundamental to an asset management firm's revenue and growth.
- Concentration Risk from Key Clients: A significant portion of Westwood's fee revenues is generated from a limited number of large clients. In 2022, the ten largest clients accounted for approximately 22% of the company's fee revenues. The potential loss of some or all of these clients could therefore have a material adverse effect on the business and its financial results.
- Industry Fee Compression and Pressure on Operating Margins: Westwood Holdings Group faces ongoing pressure from rising operating costs and widespread fee compression within the investment management industry. This has resulted in the company's Q3 2025 Operating Margin of 8.27% being significantly below the industry median of approximately 32% in 2023, indicating challenges in maintaining profitability relative to its revenue scale or competitive fee structures.
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The accelerating shift of investor capital towards lower-cost passive investment strategies, such as exchange-traded funds (ETFs), which exerts continuous and significant fee compression across the asset management industry, thereby challenging the profitability and growth prospects for active management firms like Westwood.
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Westwood Holdings Group (WHG) primarily offers investment management and wealth management services through its Advisory and Trust segments. These services encompass investment advisory, portfolio management for various client types (institutional, intermediary, and private wealth), and trust and custodial services.
The addressable markets for Westwood's main products and services are substantial both globally and within the United States.
Global Market
- The global asset management market size was estimated at USD 458.02 billion in 2023 and is expected to reach USD 3,677.39 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 36.4% from 2024 to 2030.
- Another estimate places the global asset management market size at USD 371.62 billion in 2023, with a projection to grow to USD 7,124.41 billion by 2033, at a CAGR of 34.36% during the forecast period 2023-2033.
- The global asset management market was valued at USD 432.77 billion in 2024 and is projected to grow to USD 1,122.04 billion by 2032, exhibiting a CAGR of 12.6%.
U.S. Market
- The U.S. asset management market size was exhibited at USD 189.07 billion in 2024 and is projected to be worth around USD 3,697.19 billion by 2034, growing at a CAGR of 34.62% from 2025 to 2034.
- For portfolio management and investment advice, the market size in the U.S. is estimated at USD 603.0 billion in 2025.
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Westwood Holdings Group (WHG) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and market opportunities:
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Expansion of Exchange-Traded Fund (ETF) and Alternative Investment Strategies: Westwood is actively expanding its product offerings, particularly in the ETF and alternative investment spaces. The company has launched eleven new sector ETFs through its partnership with WEBs and has seen growth in its MDST ETF. There is also a focus on developing income-focused ETFs, which is anticipated to broaden market leadership.
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Robust Institutional Pipeline: The company consistently highlights a strong institutional pipeline, with potential mandates exceeding $1.6 billion to $2 billion. This substantial pipeline indicates significant potential for future asset inflows, which would directly increase asset-based advisory fees and, consequently, revenue.
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Growth in Assets Under Management (AUM): While revenue has been stable, increases in AUM are a primary driver for asset management firms. Westwood has reported year-over-year AUM growth, reaching $18.3 billion in Q2 2025 and Q3 2025, primarily due to market appreciation offsetting net outflows in some periods. Continued growth in AUM, through both market performance and net inflows, is crucial for revenue expansion.
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Transition to a Multifamily Office Model: CEO Brian Casey has identified the transition to a multifamily office model as a key strategic move. This initiative aims to cater to ultra-high-net-worth families, suggesting an expansion into a new, potentially higher-fee client segment.
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Access to Major Wirehouse Platforms: Westwood is focused on gaining access to major wirehouse platforms as part of its growth strategy. This expansion of distribution channels would allow the company to reach a significantly broader investor base and attract new clients, contributing to increased assets and revenue.
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Share Repurchases
- In February 2020, Westwood's Board of Directors authorized an additional $10.0 million for share repurchases, followed by another $10.0 million authorization in April 2020.
- During the first quarter of 2022, the company repurchased 12,202 shares of its common stock at an average price of $16.39 per share.
- In February 2025, the Board authorized an additional $5.0 million for share repurchases, bringing the total available for repurchases to $5.5 million.
Share Issuance
- Westwood's net common equity issued/repurchased was -$14 million in 2020, -$3 million in 2021, -$3 million in 2022, and -$1 million in 2024, indicating net repurchases during these years.
- The number of common shares outstanding increased from 8,578,015 as of April 20, 2022, to 9,408,130 as of October 22, 2025.
Inbound Investments
- No significant inbound investments made in Westwood by third-parties were highlighted in the provided information.
Outbound Investments
- Westwood completed the acquisition of Salient Partners' asset management business in 2022, which increased its total assets under management and advisement by $3.6 billion to $16.1 billion by the end of 2022. This also included an ownership stake in Broadmark Asset Management.
- In early 2023, Westwood purchased additional shares of Broadmark Asset Management, increasing its ownership to just under 80%.
- Over the past several years, Westwood made strategic investments in InvestCloud (a digital financial services provider for technology transformation), Vista Bank (for banking services to Westwood Trust clients), Westwood Hospitality Fund I, LLC, and Westwood Energy Secondaries Fund I, LLC.
Capital Expenditures
- Information regarding specific dollar values or primary focus of capital expenditures was not readily available within the provided search results.
