Westwood Holdings ( (WHG) ) has realeased its Q3 earnings. Here is a breakdown of the information Westwood Holdings presented to its investors.
Westwood Holdings Group, Inc. is a specialized investment management and wealth management firm offering a variety of investment solutions to institutional investors, private wealth clients, and financial intermediaries. Headquartered in Dallas, the firm is known for its expertise in U.S. Value Equity, Multi-Asset, and other distinct investment capabilities.
In its third-quarter 2024 earnings report, Westwood Holdings reported significant achievements, including an increase in firmwide assets under management (AUM) to $17.7 billion, the highest level in over six years. The company also highlighted its strategic partnership with ETF pioneer Ben Fulton to expand its ETF platform.
Financially, Westwood Holdings experienced a rise in quarterly revenues to $23.7 million, up from $22.7 million in the previous quarter and $21.9 million in the same period last year. The company saw comprehensive income of $0.1 million compared to a $2.2 million loss in the second quarter. Despite the $1.4 million after-tax charge related to contingent consideration, economic earnings improved to $1.1 million from a loss of $0.5 million in the previous quarter.
Westwood’s strategic developments included the completion of Phase 1 of the Managed Investment Solutions technology build-out and ongoing discussions for an MIS-managed investment strategy. The partnership with Ben Fulton and the introduction of Westwood Engineered Beta (WEBs) exemplify the company’s continued focus on innovation and growth.
Looking ahead, Westwood’s management remains optimistic about the firm’s positioning and potential for growth. With a robust pipeline and a focus on expanding its investment offerings, the company views its stock as undervalued, indicating confidence in its future performance and strategic initiatives.
